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Sintex Industries files for bankruptcy

  

Fraud-hit textile and yarn manufacturer Sintex Industries filed for bankruptcy after financial creditor Invesco Asset Management filed a suit against it for Rs 15.4 crore default in September 2019. As per VC Circle, Sintex Industries' subsidiaries include BVM Overseas, Sintex-BAPL and publicly listed Sintex Plastics Technology. In August last year, the non-bank lending arm of global private equity firm KKR approached the tribunal against a subsidiary of Sintex Plastics Technology to recover a debt it had sanctioned two years ago.

The unit called Sintex-BAPLowed KKR a principal sum of Rs 1,190 crore as well as interest. Sintex Industries said it has been working with lenders to bring a resolution plan in place for its business activities. Founded in 1931 at Kalol in Gujarat, it is a diversified company with its textile segment offering fabric and yarn.

For the December quarter of 2020, Sintex Industries posted a net loss of Rs 215 crore as against Rs 293 crore loss in the same quarter in 2019 and Rs 239 crore loss in the September quarter. Its total income improved to Rs 530 crore for the December quarter in 2020, from Rs 430 crore a year ago and Rs 323 crore in the September quarter.

 
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