RIL, JM Financial bid jointly for Alok Industries
Reliance Industries (RIL) has bid jointly with JM Financial Asset Reconstruction Co. to acquire the debt ridden textile manufacturer Alok Industries
New Delhi: Reliance Industries Ltd (RIL) said on Thursday that it has bid jointly with JM Financial Asset Reconstruction Co. Ltd to acquire the debt ridden textile manufacturer Alok Industries Ltd.
In a clarification to stock exchanges, RIL said it is awaiting the outcome of the process. “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 IBC code,” said RIL.
“We are awaiting the outcome of the bid and accordingly there is no disclosure required by us at this stage,” RIL said in a BSE filing.
In July 2017, the Ahmedabad bench of the National Company Law Tribunal had admitted insolvency proceedings against the textile company under the Insolvency and Bankruptcy Code. The consortium of lenders, led by SBI, is claiming dues of over Rs23,000 crore from Alok Industries.
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