Reliance Industries Ltd (RIL) has completed its Rs 3,567 crore acquisition of textile company Sintex Industries.
The development took place a year after banks had approved the acquisition and a month after the National Company Law Tribunal (NCLT) approved the transaction.
Though the RIL has not said anything in this regard but there are media reports that the money was transferred and distributed to various banks, completing the resolution of the sick company.
Punjab National Bank, the lead lender received Rs 700 crore from the transaction, followed by Bank of Baroda at Rs 533 crore.
Exim Bank of India, the third largest creditor stands to gain Rs 389 crore from this resolution.
RIL had jointly bid for Sintex along with Assets Care and Reconstruction Enterprise (ACRE). It had received approval to acquire the debt-ridden textiles firm from the Committee of Creditors (CoC) of Sintex on 20th March after more than 97 per cent of the lenders had voted in favour of the plan.
Prior to this, RIL in 2020, had completed the acquisition of another distressed textile company, Alok Industries.