Reliance Industries, in partnership with Assets Care & Reconstruction Enterprises (ACRE), has sought the competition panel's approval to acquire Sintex Industries in insolvency proceedings.
The application to the Competition Commission of India (CCI) has been made at a time when lenders are close to finalising the highest bidder for the Gujarat-based textile company. ET has reviewed a copy of the application made by the Reliance-ACRE team to CCI.
Reliance Industries is India's biggest company by market capitalization and net profit. ACRE is an asset reconstruction company backed by Ares SSG Capital Ltd.
On Tuesday, lenders asked the four resolution applicants to submit revised and improved unconditional bids by Saturday (January 29), two people aware of the matter told ET.
Reliance Industries and ACRE did not respond to ET's request for comments.
The other three applicants in the fray are Welspun-promoted Easygo Textile, Himatsingka Ventures and GHCL Ltd.
An approval from CCI is required before lenders approve a resolution plan.
At present, the Reliance Industries-ACRE team has offered ₹2,363 crore. This includes ₹2,280 crore to financial creditors and the remaining to trade creditors and employees. In addition, the bidders have also offered 10% equity to the financial creditors.
The application to the Competition Commission of India (CCI) has been made at a time when lenders are close to finalising the highest bidder for the Gujarat-based textile company. ET has reviewed a copy of the application made by the Reliance-ACRE team to CCI.
Reliance Industries is India's biggest company by market capitalization and net profit. ACRE is an asset reconstruction company backed by Ares SSG Capital Ltd.
On Tuesday, lenders asked the four resolution applicants to submit revised and improved unconditional bids by Saturday (January 29), two people aware of the matter told ET.
Reliance Industries and ACRE did not respond to ET's request for comments.
The other three applicants in the fray are Welspun-promoted Easygo Textile, Himatsingka Ventures and GHCL Ltd.
An approval from CCI is required before lenders approve a resolution plan.
At present, the Reliance Industries-ACRE team has offered ₹2,363 crore. This includes ₹2,280 crore to financial creditors and the remaining to trade creditors and employees. In addition, the bidders have also offered 10% equity to the financial creditors.
Read More News on
(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)
...moreDownload The Economic Times News App to get Daily Market Updates & Live Business News.