Sintex Industries insolvency in final stages, company receives revised bids

Four companies, including Reliance Industries, competing for Sintex Industries have revised their bids that will now be placed before the Committee of Creditors (CoC) of the debt-ridden textiles maker for approval. Mukesh Ambani-led Reliance Industries Ltd is jointly bidding with Assets Care & Reconstruction Enterprise for Sintex Industries and according to some media reports, the amount is around Rs 2,800 crore. The resolution professional of Sintex Industries has also received bids from Welspun Group firm Easygo Textiles, GHCL and Himatsingka Ventures along with Shrikant Himatsingka and Dinesh Kumar Himatsingka Last week, Sintex Industries had informed that the Interim Resolution Professional has received revised Resolution Plans for the company from all four Prospective Resolution Applicants (PRA). "Revised Resolution Plans received from all four PRAs shall be evaluated by the Interim Resolution Professional and then shall be placed before the Committee of Creditors, for its ...

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