Four leading textile players, Reliance, Welspun, GHCL and Himatsingka, have placed bids for the bankrupt Sintex. While Reliance has teamed up with stressed asset buyer Assets Care & Reconstruction Enterprise for the Sintex bid, the other three parties have made solo offers.

Sintex is the second company under the Indian bankruptcy code for which Reliance has shown interest. It had previously bought Alok Industries in partnership with JM Financial Asset Reconstruction. Welspun has routed its bid for Sintex through Easygo Textiles. The proposed deal will help Welpsun in its backward integration strategy. GHCL’s move for Sintex comes after it inked a deal to sell its home textile business in Gujarat to Indo Count Industries. Dinesh Kumar Himatsingka has routed the Sintex bid in his personal capacity along with his son Shrikant and Himatsingka Ventures.

Sintex was admitted into the bankruptcy process by the National Company Law Tribunal, Ahmedabad, on April 6 this year on a plea by Invesco Asset Management over a Rs 15 crore default in payment of principal and interest of non-convertible bonds in September 2019. Sintex which weaves fabrics for global fashion brands like Armani, Burberry and Diesel, owes about Rs 8000 crores to financial and operational creditors.