Shriniwas Spintex Wins NCLT Approval for $16.29M Acquisition of Morarjee Textiles

Deal Summary

The Mumbai bench of the National Company Law Tribunal approved Shriniwas Spintex Industries’ Rs 156 crore ($16.29 million) resolution plan to acquire debt‑laden Morarjee Textiles. The plan includes a Rs 25 crore ($2.61 million) working‑capital infusion and fresh equity of Rs 9 crore ($940 k). Lenders such as Indian Bank, Axis Bank, ICICI Bank and Tata Capital backed the proposal.