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Alok Inds announces final financing plans

This article was posted on Mar 26, 2008 and is filed under Press Releases

Alok Industries Limited, amongst India’s leading integrated textile manufacturers, announced today that it is in the final stages of consolidating its financing plans for the infrastructure ventures taken up by Alok Infrastructure Pvt Ltd, a wholly owned subsidiary of the company.

Alok’s team of merchant bankers are in talks with private equity players and investment bankers and are confident of achieving closing by the end of April 2008.

Alok had recently taken a 50 per cent stake in Ashford Infotech to develop a million square feet of office space at a cost of 4 billion rupees on land it bought in the Mumbai suburb. Alok Infrastructure, which is an equal partner in the JV, invested 650 million rupees in the JV to fund the acquisition.

Company officials have also informed that the few forex trades that the company has entered into are mainly capital hedge trades and they are comfortable with the present positions on this account. These trades are in line with the company’s stated policy for forex risk management to primarily hedge its payables and receivables.

Sourced From: Adfactors Public Relations Pvt Ltd

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