RIL-ACRE seeks CCI nod to buy Sintex Industries under insolvency proceedings

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Reliance Industries Limited (RIL) in partnership with Assets Care & Reconstruction Enterprises (ACRE) has sought approval from the Competition Commission of India (CCI) to acquire Sintex Industries.

According to a report, RIL and ACRE have made bid to acquire Sintex Industries which is under insolvency proceedings.

The report said that an approval from CCI is required before the resolution plan can receive the lenders’ nod.

At present, RIL, ARES Capital-backed ACRE, Welspun Group company Easygo Textiles, Trident, Himatsingka Ventures and GHFC have shown interest in Sintex Industries.

The Gujarat-based textile company is currently undergoing a corporate insolvency and resolution process in the National Company Law Tribunal (NCLT).

Sintex Industries, which was incorporated in 1931, deals in textiles and yarns, and has presence across major Asian, European, US and African markets.

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