After buying a sinking 5 star hotel, now Mukesh Ambani is preparing to buy this textile company

Mukesh Ambani is now preparing to buy Bankrupt textile company Sintex Industries. Apart from Reliance, Welspun Group has also submitted a bid for this company.

2863 crore offers.

After buying New York’s five-star Mandarin Oriental Hotel, Mukesh Ambani is now preparing to buy a bankrupt textile company. Reliance Industries and Welspun Group are leading the race to buy Bankrupt Sintex Company. Reliance Industries is planning to buy this business in partnership with Asset Care and Reconstruction Enterprises (ACRE). Together they have offered Rs 2863 crore under the resolution plan. This will also include 10 per cent stake held by the lenders.

According to a report published in the Economic Times, lenders have received 4 bids under the resolution plan for the textile company Sintex. In this, the highest bid has been made by Reliance-ACRE Group and Welspun Group company Easygo Textile. There is very little difference between the bids made by both. However, there is a condition attached to both the bids. In such a situation, which plan is more suitable for the bank, will have to wait for it.

Approval of claim of Rs 7534 crore

According to the report, resolution professional Pinakin Shah has asked both the bid depositors to once again submit the unconditional bid. 7534 crores of 27 financial creditors have been approved under the resolution plan.

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