Reliance Industries Ltd. of Mukesh Ambani, along with a partner, are among the candidates to buy out bankrupt Indian textile company Sintex Industries Ltd., according to a stock market file, as the billionaire tries to diversify from an oil empire into telecommunications , green energy and fashion.
Reliance partners with Assets Care & Reconstruction Enterprise Ltd. to make an offer for the company in a court-appointed bankruptcy resolution process, Sintex said in a filing on Sunday. The other bidders are Easygo Textiles Pvt., GHCL Ltd. and Himatsingka Ventures Pvt., which works with Shrikant Himatsingka and Dinesh Kumar Himatsingka.
The move from Ambani, whose companies this year bought intellectual property rights to use iconic Lee Cooper brand in India and stakes in high-end fashion brands run by stylists to some of Bollywood’s biggest stars , is only the second time that Reliance has taken an interest in an insolvent company. Sintex supplies fabric to global fashion brands such as Armani, Hugo Boss, Diesel and Burberry, according to an Economic Times report published in October.
In addition to acquiring Bollywood brands and brand assets overseas in recent years, Reliance has also forged partnerships with many international luxury names including Burberry Group Plc, Hugo Boss AG and Tiffany & Co.