Reliance bidding to take over Sintex Industries Ltd.
Reliance Industries Ltd is bidding to take over the bankrupt Indian textile firm, Sintex Industries Ltd. It is assumed that the company is planning to diversify from an oil empire and wants to enter the telecommunications, green energy, and fashion industries.
Reliance is partnering with Assets Care & Reconstruction Enterprise Ltd for this bidding. This is the second time when Reliance has shown interest in an insolvent company. Sintex is related to huge fashion brands including Armani, Hugo Boss, and Diesel, and Burberry. Other than this Reliance has also partnered up with many luxurious international brands like Burberry Group Plc, Hugo Boss AG, and Tiffany and Co.