Reliance won..! Mukesh Ambani did it again..!?

Sowmiya Sriram
Reliance won..! mukesh ambani did it again..!?

Reliance industries, India's largest trading conglomerate, continues to expand its business in the textile and garment sector as well as in the green energy sector. It is not to be forgotten that reliance Retail has captured many of the leading brands in the retail segment. In this context, reliance industries has acquired Sintex, which has several foreign leading brands as customers, amid months of competition to expand its textile sector.
SintexIndustries has been sued by NCLT over its indebtedness and non-repayment of loans. With this, Sintex industries came up for auction. 4 companies were selected for the final stage as many companies competed fiercely to acquire Sintex Industries. These include reliance, Welspun's Ezico Textiles, GHCL, and Himatsingka Ventures. Sintex Industries' Lenders in this regard announced that the application submitted jointly by reliance industries and ACRE in the review of the applications has been selected. With this, reliance is to acquire Sintex Industries.
Sintex industries owes banks about Rs 7,718.72 crore, while reliance industries and ACRE have not fully disclosed the amount and plan they have applied for. reliance management has also announced that it is expelling Sintex industries from the stock market. Sintex industries is the most popular water tank manufacturer in India.
But in 2017 the water tank manufacturing business and all assets were segregated to Sintex Plastic technology Limited. mukesh ambani has acquired Sintex industries without holding it alone, but with ACRE, a restructuring firm. Similarly, reliance industries acquired another textile company, Alok industries, along with JM Financial.
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