Page 35 - Plastics News March 2022

BUSINESS NEWS

Oil India Q3 Records Profit at
RIL-ACRE Upgrades Offer for Sintex to Rs 3,651 crore Rs 2,257.30 crore

il India Limited has reported
O152% growth in the Profit After
Tax (PAT) for the period ended 31st
December 2021. The Company has re-
ported profit of Rs 2,257.30 crore in the
period as against Rs 894.03 crore in the
Nine months period last year. For the
eliance Industries-Assets Care ers are hesitant to accept one, especially third quarter FY 2021-22 also the Com-
R& Reconstruction Company when either the corporate debtor or the pany has reported 38% increase in the
(ACRE) submitted an improved offer resolution applicant is "high-profile" PAT to Rs 1244.90 crore. The Turno-
ver of the Company has increased to Rs
of Rs 3,651 crore for bankrupt Sintex given the negative publicity that may be 10051.57 crore from Rs 6028.72 crore
Industries. According to reports The associated with such an action, said an last year upto December. Also the Natu-
duo had earlier offered Rs 3,405 crore insolvency expert. Earlier in the bidding ral Gas production in Q3 2021-22 has
for the Gujarat-based textile company process Reliance Industries, in partner- improved by 17.83% as compared to
its corresponding Q3 2020-21.Natural
that is undergoing insolvency proceed- ship with Assets Care & Reconstruc- Gas production during 9 months period
ings. Among four applicants that bid for tion Enterprise (ACRE), emerged as the 2021-22 has also increased by 16% as
Sintex, lenders declared Reliance-ACRE highest bidder in the second round of compared to 9 months period 2020-21.
However, the Crude Oil production has
team as the highest bidder on Monday bidding for bankrupt Sintex Industries broadly remained constant. The Com-
and asked the duo to give an improved Ltd offering Rs 3,405 crore, while Hi- pany’s EBITDA in Q3 2021-22 is Rs
offer. The revised plan by Reliance-Acre matsingka Ventures' Rs 3,297 crore offer 2,235.72 crore vis-à-vis Rs 277.42 crore
is said to be above liquidation value, said was second-highest. All offers, however, in Q3 2020- 21 and EBITDA for the
nine months ended on 31st Decem-
one of the persons cited above. Lenders were below the liquidation value despite ber’2021 is Rs 4,813.63 crore vis-àvis
were seeking improved resolution plans bidders making unconditional offers in Rs 1,453.66 crore for the nine months
from the bidders since the previous of- the second round. Welspun Group was ended on 31st December’2020. Com-
pany has reported EPS of Rs 11.48 per
fers from were below liquidation value. with an offer of Rs 3,102 crore while share in Q3 2021-22 as compared to
Lenders are hesitant to put to vote all GHCL with Rs 2,140 crore were the Rs 8.33 in Q3 2020-21. For the nine
four plans since they were below liqui- other bidders. However All offers, except months ended on 31st December’2021,
dation value. The Supreme Court has GHCL's, were inclusive of450 crore the EPS is Rs 20.82 per share vis-à-vis
EPS of Rs 8.24 per share for the Nine
opined that a resolution plan can be be- cash balance in the company's books. months ended 31st December’2020.
low liquidation value in a matter relat- The Board of OIL has declared a second
ing to Maharashtra Seamless, but lend- interim dividend of Rs 5.75 per share
for FY 2021-22.

35 PLASTICS NEWS March 2022