Mukesh Ambani’s Reliance Industries Ltd., alongside an accomplice, are among those offering to assume control over bankrupt Indian material firm Sintex Industries Ltd., as indicated by a stock-trade recording, as the extremely rich person endeavors to enhance from an oil domain and into media communications, efficient power energy and style.
Dependence is joining forces with Assets Care and Reconstruction Enterprise Ltd. to offer for the organization under a court-selected liquidation goal process, Sintex said in a documenting on Sunday. Different bidders are Easygo Textiles Pvt., GHCL Ltd., and Himatsingka Ventures Pvt., which is working with Shrikant Himatsingka and Dinesh Kumar Himatsingka.
The move by Ambani, whose organizations this year bought licensed innovation freedoms to utilize the notable Lee Cooper brand in India and stakes in very good quality design brands run by beauticians to a portion of Bollywood’s greatest stars, is just the second time Reliance has shown interest in an indebted organization. Sintex gives texture to worldwide style brands including Armani, Hugo Boss, Diesel and Burberry, as indicated by an Economic Times report in October.
Other than gaining marquee Bollywood brands and resources abroad lately, Reliance has additionally manufactured associations with various extravagance worldwide names, including Burberry Group Plc, Hugo Boss AG and Tiffany and Co.