Mukesh Ambani goes Sintex shopping and no it's not for water storage!

Gujarat based Sintex Industries could be next on the shopping list of billionaire Mukesh Ambani. Unlike what the name suggests it is not the water storage company but the bankrupt textile division that has caught the eye of India's richest man.

Sintex supplies fabrics to reputed international and domestic brands like Armani, Pepe Jeans, Nike, Zara, H&M, Versace and Tommy Hilfiger.

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The Gujarat-based textile company was admitted into the bankruptcy process in April this year after Invesco Asset Management (India) Pvt Ltd raised solvency issues post a Rs 15.4 crore default .

As per a report, Reliance Industries, along with Assets Care & Reconstruction Enterprise Ltd (ACRE), Varde Capital-backed Aditya Birla Asset Reconstruction Company, and foreign fund CarVal Investors, among others, have submitted expressions of interest (EoI) for bankrupt Sintex Industries.

This is just the second instance of Reliance has bid for a bankrupt entity. Previously it had bid and acquired insolvent Alok Industries.

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