Reliance Industries Ltd (RIL), India’s largest company in market valuation, is planning to make a bid for Videocon’s oil assets after the lenders called for fresh bids for them.
If RIL succeeds in acquiring them, it will be its another big-ticket acquisition under the Insolvency and Bankruptcy Code (IBC), 2016, after it won the race for Alok Industries, a textile firm, and Reliance Communications’ telecom tower assets. RIL is also the frontrunner for Sintex Industries, a textile firm.
When contacted, an RIL spokesperson declined to comment.
According to the order of the National Company Law Appellate Tribunal (NCLAT) of January 5 this year,