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Reliance Industries buys 37.7% stake in textile manufacturer Alok Industries for Rs 250 crore

Updated : February 29, 2020 06:16 PM IST

RIL had jointly with JM Financial Asset Reconstruction Co Ltd bid for acquiring Alok Industries that was auctioned under the insolvency and bankruptcy law by lenders to recover their unpaid loans.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) had last year approved the joint bid.
Pursuant to this acquisition, RIL will hold 37.7 percent equity share capital of Alok Industries, it added.
Reliance Industries buys 37.7% stake in textile manufacturer Alok Industries for Rs 250 crore

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