RIL, JM Financial bid jointly to buy textile manufacturer Alok Industries

Reliance Industries

Reliance Industries Ltd (RIL) said today that it has bid jointly with JM Financial Asset Reconstruction Company to acquire the debt ridden textile manufacturer Alok Industries.

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.

It added: "We are awaiting the outcome of the bid and accordingly there is no disclosure required by us at this stage."

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 Rs 230 billion from Alok Industries.

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