Reliance Industries Limited (NSEI:RELIANCE) and The Chatterjee Group have emerged front-runners to take control of Garden Silk Mills Limited (BSE:500155) people in knowledge of the development said. Sources privy to the development told IANS that the deal is in the initial stages and may come through sooner than later. However, an RIL spokesman declined to comment on the matter, calling it “market speculation”.

Purnendu Chatterjee, CEO, TCG also declined any comment on the deal which could be worth close to INR 50 crore, at the current price on the Bombay Stock Exchange (BSE).