Reliance Industries Limited completes acquisition of Sintex Textiles
Reliance Industries Limited has completed its acquisition of Sintex Textiles for Rs 3,567 crore. Mukesh Ambani’s business completed the transaction a month after the National Company Law Tribunal’s approval and a year after the respective banks approved the deal.
“Both operational creditors and financial creditors including banks have received the money on Tuesday,” a source close to the development told ET Bureau. “For public sector banks this is a big relief just before the end of the financial year as this account was fully provided for and will result in a full write back which will directly enhance bottomline.”
As part of the transaction, the Punjab National Bank received Rs 700 crore and the Bank of Baroda received Rs 533 crore, the Economic Times reported. The third largest creditor to the bankrupt Sintex Industries, Exim Bank of India, will receive Rs 389 crore from the resolution.
Reliance Industries Limited had bid to acquire Sintex Textiles through the bankruptcy process. The business has also acquired bankrupt textiles business Alok Industries in 2020 in partnership with JM Financial Asset Reconstruction Co. In 2022, Reliance Industries Limited’s telecom business Reliance Jio acquired RCom’s tower and fibre assets business Reliance Infratel Limited.
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