Mumbai: Morarjee Textiles, a once-prominent name in the textile industry, is now at the center of an intense bidding war as three major players compete to acquire the financially troubled company. The firm, which owes over ₹760 crore to its creditors led by Indian Bank, is undergoing bankruptcy proceedings, making it one of the highest-profile textile insolvency cases in recent years.
Bidding War Heats Up
Sources familiar with the matter revealed that three bidders have emerged as serious contenders, each with a strategic plan to revive Morarjee Textiles. While the names of the bidders have not been disclosed, industry insiders suggest that they include established players in the textile and manufacturing sectors, as well as investment firms looking for turnaround opportunities.
The company, which has been in operation for over a century, fell into financial distress due to rising operational costs, changing consumer preferences, and an inability to adapt to the fast-paced global textile market. Despite this, its brand reputation and infrastructure make it an attractive acquisition target.
Creditors Push for Quick Resolution
Indian Bank and other creditors are keen on a swift resolution to recover their dues and ensure business continuity. A successful bidder will be expected to present a concrete revival strategy that includes debt restructuring, operational efficiency improvements, and potential workforce retention.
Experts believe that the acquisition could reshape the Indian textile industry, especially if the winning bidder manages to modernize operations and capitalize on India’s growing demand for high-quality fabric exports.
A final decision on the bidding process is expected soon, as stakeholders hope for a fresh start for Morarjee Textiles. If revived successfully, the company could regain its position as a key player in the industry.