Mukesh Ambani’s Reliance Industries Ltd., at the side of a partner, are amongst the ones bidding to take over bankrupt Indian fabric company Sintex Industries Ltd., consistent with a stock-change submitting, because the billionaire tries to diversify from an oil empire and into telecommunications, inexperienced power and style.
Reliance is partnering with Assets Care & Reconstruction Enterprise Ltd. to bid for the corporation beneathneath a court-appointed financial disaster decision process, Sintex stated in a submitting on Sunday. Other bidders are Easygo Textiles Pvt., GHCL Ltd., and Himatsingka Ventures Pvt., that’s operating with Shrikant Himatsingka and Dinesh Kumar Himatsingka.

The flow with the aid of using Ambani, whose organizations this 12 months bought highbrow belongings rights to apply the long-lasting Lee Cooper logo in India and stakes in high-cease style manufacturers run with the aid of using stylists to a number of Bollywood’s largest stars, is best the second one time Reliance has proven hobby in an bancrupt corporation. Sintex affords material to international style manufacturers which include Armani, Hugo Boss, Diesel and Burberry, consistent with an Economic Times file in October.

Besides obtaining marquee Bollywood manufacturers and property overseas in current years, Reliance has additionally solid partnerships with severa luxurious worldwide names, which include Burberry Group Plc, Hugo Boss AG and Tiffany & Co.