After bankrupt of Sintex industries, many players like Mukesh Ambani, Aditya Birla are competing to buy the company

Many players in India including Mukesh Ambani of Reliance Industries, Aditya Birla, have expressed interest in buying the popular company named Sintex Industries who manufactures water tank, after it went bankrupt. The company is based in Gujarat. The brand SINTEX is famous for its major production of water tanks. The company not manufactures water tanks but also carrying out businesses in other sectors too. Sintex Industries Limited has a group of companies such as Bharat Vijay Mills, Sintex Yarns and BVM Overseas Limited.

The lenders asked for a refund as they did not pay the installments. Thus Syntex got into huge financial trouble. Wellsbone has appealed to the National Company Law Tribunal Ahmedabad Bench to repay the Rs 1,950 crore loan, but the two largest lenders have refused.

According to Bloomberg Quint, reasons for the fall of Sintex sluggish demand, rising debts and higher costs of the products. The major reason for slowing down of the busines is the price increase of cotton.

Meanwhile, Punjab National Bank and Karnataka Bank say that "fraud is taking place in the accounts of this company". Meanwhile, leading companies like Reliance Industries (Mukesh Ambani) and Aditya Birla are keen to buy this company, Sintex Industries Limited.