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RIL, JM Financial bid jointly to acquire Alok Industries
12
Apr '18
RIL, JM Financial bid jointly to acquire Alok Industries
Reliance Industries Ltd (RIL) has bid jointly with JM Financial Asset Reconstruction Company Ltd to buy textile manufacturer Alok Industries. The joint bid has been made in terms of the Insolvency and Bankruptcy Code, 2016. However, the outcome of the bid process is still awaited. Alok is debt ridden and lenders are claiming dues of over ₹230 billion.

“Our Company evaluates various opportunities on an ongoing basis and in this process has submitted a bid jointly with JM Financial Asset Reconstruction Company Limited for resolution of Alok Industries Limited in terms of the Insolvency and Bankruptcy Code, 2016,” RIL said in a filing to the stock exchanges.

“We are awaiting the outcome of the bid and accordingly there is no disclosure required by us at this stage,” it added.

The Ahmedabad bench of the National Company Law Tribunal had admitted insolvency proceedings against Alok Industries in July 2017, under the Insolvency and Bankruptcy Code. (RKS)

Fibre2Fashion News Desk – India


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