Arpwood, Welspun Group make bids for Sintex BAPL

Arpwood Capital and Welspun group have separately made offers to lenders of KKR-backed Sintex BAPL that was admitted by the NCLT a year ago. Rajeev Gupta and Raj Kataria-promoted Arpwood Capital improved its offer to INR 1,100 crore, soon after Welspun Group offered INR 1,076 crore to lenders. Both bidders made unsolicited offers last month involving upfront cash payments and seeking an out-of-court settlement. Sintex BAPL, a subsidiary of Sintex Plastics Technology, was demerged from Sintex Industries Ltd in early 2018. Sintex Industries, which is separately undergoing bankruptcy proceedings, has attracted binding bids from Reliance Industries and the Welspun entity.