The richest man in Asia is looking to buy a bankrupt...

The richest man in Asia is looking to buy a bankrupt...
The richest man in Asia is looking to buy a bankrupt...

compete Reliance Industries Ltd., a subsidiary of billionaire Mukesh Ambanito acquire bankrupt Indian textile company Sintex Industries Ltd.

Sintex said in a statement today, Sunday, that a consortium that brings together Reliance with Assets Care & Reconstruction Enterprise has made an offer to the company under the court-appointed bankruptcy settlement process, according to “Bloomberg” and seen by “Al Arabiya.net.”

Other competitors include Easygo Textiles Pvt, GHCL Ltd and Himatsingka Ventures Pvt, which works with Shrikant Himatsingka and Dinesh Kumar Himatsingka.

Ambani’s move comes after his company this year bought the intellectual property rights to use India’s iconic Lee Cooper brand and stakes in high-end fashion brands run by designers for some of Bollywood’s biggest stars.

Syntex supplies fabrics to international fashion brands including Armani, Hugo Boss, Diesel and Pureberry.

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