Reliance Industries: Mukesh Ambani will now supply fabric to Armani! This bankrupt company is going to fall in the bag – nclt approves joint bid of ril and acre for sintex industries resolution
[ad_1]
Sintex Industries informed the stock market that the Ahmedabad bench of NCLT in an oral order on Friday approved the debt resolution plan submitted by RIL and ACRE. Syntex Industries informed that the approved Reliance-ACRE plan includes reduction in share capital and delisting of zero priced equity shares. The company may provide some new information when a written order is made available. As per the report, RIL-ACRE had jointly made an offer of around Rs 3,650 crore.
how much is the loan
The insolvency process against Sintex Industries was initiated in April last year. The company has an outstanding debt of about Rs 7,500 crore. Among the bidders were Reliance and Welspun Group firms EasyGo Textiles, GHCL and Himtsingka Ventures. But the lenders to Syntex Industries voted in favor of the RIL-ACRE joint bid. Thereafter, in March last year, the resolution professional appointed for the company went to NCLT for final approval.
Josh is high from Noida to Gorakhpur, said Mukesh Ambani, the four formulas that will destroy the obstacle of development
According to the Sintex Industries website, the company supplies fabric to global fashion brands such as Armani, Hugo Boss, Diesel and Burberry. At least three banks Punjab National Bank, Punjab & Sind Bank and Karnataka Bank had declared the company’s account as fraud. In 2017, Amit Patel promoted Sintex Plastics Technology Ltd was spun off from Sintex Industries. Sintex Plastics Technology Ltd manufactures storage tanks.
[ad_2]
Source link
