According to a stock-exchange filing, Mukesh Ambani's Reliance Industries Ltd. and a partner seek to buy bankrupt Indian textile manufacturer Sintex Industries Ltd., as the billionaire looks to expand from his oil empire into telecommunications, green energy, and fashion.
Sintex said in a filing on Sunday that Reliance is collaborating with Assets Care & Reconstruction Enterprise Ltd. to bid for the firm through a court-appointed bankruptcy resolution procedure. Easygo Textiles Pvt., GHCL Ltd., and Himatsingka Ventures Pvt., which is led by Shrikant Himatsingka and Dinesh Kumar Himatsingka, are among the other bidders.
The purchase of intellectual property rights to utilize the legendary Lee Cooper brand in India and shares in high-end fashion brands managed by stylists to some of Bollywood's top stars by Ambani's companies this year is only the second time Reliance has shown interest in an insolvent company. According to an October story in the Economic Times, Sintex provides fabric to worldwide fashion labels such as Armani, Hugo Boss, Diesel, and Burberry.
Reliance has developed agreements with several luxury international names, including Burberry Group Plc, Hugo Boss AG, and Tiffany & Co., and acquired prominent Bollywood brands and assets abroad in recent years.