RIL x ACRE, has sought the competition panel's nod to buy Sintex Industries
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27 January 2022, Mumbai:
Application has been made at a time when lenders are close to finalising the highest bidder.
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RIL-ACRE team offered 2,363 cr of which 2,280 crores is to lenders, rest to trade creditors and employees.
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.
CREDITS: ET dt 28-01-2022
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