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RIL emerges leading bidder for Sintex Industries

  

Reliance Industries (RIL) has emerged as one of the leading bidders to acquire bankrupt Sintex Industries. As per report, in partnership with Assets Care & Reconstruction Enterprise (ACRE), RIL has offered a Rs 2,863 crore resolution plan that includes 10 per cent equity to lenders. The RIL offer includes payment of Rs 2,280 crore to financial creditors, equity infusion of ₹500 crore for working capital requirements and a Rs 83 crore payment to employees and trade creditors.

RIL will hold 79 per cent share in the company while, ACRE will hold 11 per cent and the remaining 10 per ent will go to lenders after the acquisition. RIL will avail debt of Rs 2,349 crore and infuse Rs 500 crore as capital. ACRE, an Ares SSG-backed asset reconstruction company (ARC), will issue security receipts for Rs 14 crore to lenders. Details of the Welspun offer aren't available. Lenders to Sintex Industries got four firm resolution plans last month. Besides RIL, Welspun, GHCL and Himatsinka Ventures are the other three bidders.

 
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