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FMO extends $25 mn ECB facility to Alok Industries
15
Jul '08
The Netherlands Development Finance Company (FMO), a Netherlands based development bank has extended an ECB of USD 25 million to Alok Industries Limited (Alok).

Alok, a leading integrated textile company based in Mumbai has interests in home textiles, apparel fabrics, garments and polyester yarn and has recently ventured into retailing.

Alok closed FY 2008 with sales of about Rs. 2159 crores and operating Profit after Tax of around Rs.167 crores (provisional).

Mr. Dilip B. Jiwrajka, Managing Director of Alok, stated that this facility will be used for import of capital goods for the textile industry or any other permissible purpose for the textile industry as per Reserve Bank of India guidelines.

“This deal provides the Company with attractive long tenor funding for a period of 7 years. This is our second transaction with FMO and the advantage of associating with FMO is that besides the financial support that they extend, they also actively advice on betterment of social and environmental aspects, a subject close to our heart” he added.

Mr. Aart Mulder, FMO's Manager Business Development Asia stated that FMO's aim is to promote sustainable growth in the Asian sub-continent and attempt to bring in global standards of adherence in social and environmental compliance.

“We have been associated with Alok in the past and with this new facility show that we are as confident about their future as they are”, he concluded.

Alok Industries Limited


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