RIL, JM Financial bid jointly for 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 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.

 RIL, JM Financial bid jointly for debt ridden textile manufacturer Alok Industries

RIL, JM Financial bid jointly for debt ridden textile manufacturer Alok Industries. Reuters image.

"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 23,000 crore from Alok Industries.

(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)

Updated Date: Apr 12, 2018 15:36:12 IST