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Financing arrangement likely by month-end: RIL in talks for Rs 5,000-crore loan to take over Alok Industries

RIL is in talks with State Bank of India, HDFC Bank and ICICI Bank for financing. RIL won the right to buy Alok Industries in the Insolvency and Bankruptcy Code process in March this year. The Ahmedabad bench of the NCLT had approved the sole RIL bid, made together with JM Financial Asset Reconstruction Co, which had promised to pay Rs 5,050 crore to take over Alok.

By Joel Rebello, ET Bureau |Updated: December 09, 2019, 07.12AM IST
MUMBAI: Reliance Industries Ltd (RIL), India’s biggest company by market value, is in negotiations with three top banks for a Rs 5,000 crore long-term loan facility to fund its acquisition of textile company Alok Industries in a bankruptcy takeover. RIL is in talks with State Bank of India (SBI), HDFC Bank and ICICI Bank for financing, four people familiar
a new subsidiary to bring all its digital initiatives and apps under a single entity, and infuse Rs 1.08 lakh crore equity into this new unit. Earlier this month, Alok Industries said its net loss shrank to Rs 153 crore in the September quarter from Rs 1,367 crore a year earlier, while sales declined 9% to Rs 811 crore.

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