Welspun is about to take over the bankrupt Sintex Industries

Reliance NSE 0.12 % Industries Ltd (RIL) and Welspun NSE -1.59 % are about to capture bankrupt Sintex NSE -4.85 % Industries, said people with knowledge of the matter. RIL, in partnership with Assets Care & Reconstruction Enterprise (ACRE), has offered a ₹2,863 crore resolution plan that includes 10% equity to lenders, they said. Reliance Industries-ACRE and Welspun Group unit Easygo Textile Pvt Ltd are the two highest bidders among the four-firm offers that lenders have received for the textile-cum-yarn making company.

Reliance Industries-ACRE and Welspun Group unit Easygo Textile Pvt Ltd are the two highest bidders among the four-firm offers that lenders have received for the textile-cum-yarn making company. "There is a marginal difference between the offers made by Reliance Industries-ACRE team and Welspun Group," one of the persons said. "Both are highest but conditional. It is difficult to assess which of the two plans is better."