Sintex Industries: Yarn of mistiming, bad luck and rapid growth

It owes creditors Rs 7,500 crore now

Once a legendary mill, Sintex Industries is insolvent. It is hoping to catch the eye of Reliance Industries or another buyer. How it ended up with the National Company Law Tribunal is a story of mistimed decisions and missed buses.

Set up in the 1930s as Bharat Vijay Mills (BVM), a composite textile mill in Kalol, Gujarat, the company was rebranded as Sintex Industries in the 1970s, a cotton yarn and fabric maker. BMV stood head and shoulders above the competition. Buyers of its fabric were top names, such as Armani, Hugo Boss, Diesel and Burberry.

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