Reliance Industries has converted its newly acquired textiles and apparel fabrics maker Alok Industries into a PPE manufacturer, helping produce COVID-19 protective gears at one-third the cost of those imported from China.
Essar Steel resolution to boost Q3 earnings with Rs 12,000-cr recovery; step to have positive impact on economy: SBI chief
With the order, the apex court paved the way for ArcelorMittal's takeover of Essar Steel for Rs 42,000 crore.
The National Company Law Appellate Tribunal (NCLAT) has impleaded the market regulator SEBI as a party in a petition filed by Reliance Industries Ltd, which is seeking a waiver in delisting procedure for Alok Industries
Alok Industries and Bombay Rayon Fashions are the two other stressed assets that lender wants to get rid off.
Bankers race to resolve Rs 3.8 trillion bad loans for around 70 accounts as 6-month RBI deadline ends today
Banks are trying to come up with a resolution plan for these accounts as going to NCLT will mean large haircuts.
Valuers have a greater role to play in asset valuation rather than in share valuation.
proper valuers were the critical missing link in the process since most insolvency professionals were poorly equipped since it was a new area for them.
Bank officers union slams Alok Industries' lenders decision to accept offer with deep haircut of 83%
Lenders to Alok Industries will have to take a deep haircut of 83% in approving RIL-JM Financial ARC's resolution plan to take over the bankrupted company
The consortium of lenders, led by SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.
Plans to revive ABG Shipyard, Alok Industries and Lanco could fail, despite that fact that Alok received a bid from Reliance Industries (RIL).
Reliance Industries (RIL) had bid jointly with JM Financial to acquire the debt ridden textile manufacturer Alok Industries Ltd
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
Insolvency and Bankruptcy Code: An efficient mechanism for tackling NPAs but resolution professionals face challenges
Intention of bringing in new insolvency law was essentially to clean up the banking mess and thereby providing a boost to the economy
The first set of six troubled accounts are Bhushan Steel (Rs 44,478 cr), Essar Steel (Rs 37,284 cr), Bhusan Power and Steel (Rs 37,248 cr), Alok Industries (Rs 22,075 cr), Amtek Auto (Rs 14,074 cr) and Monnet Ispat (Rs 12,115 cr), a banker said.
NPA crackdown: Read here for financial details of these 12 big loan defaulters likely to go for bankruptcy
Monnet Ispat had a debt of over Rs 10,000 crore while its net worth turned negative to Rs 1,602 crore in FY17
The RBI has yet to officially name any of the 12 companies, which account for about 2 trillion rupees ($31 billion) of India's non-performing loans, or roughly 25 percent of all the country's bad loans.
Alok Industries has implemented SAP and Oracle Log Shipping in 2007 and is planning to deploy BI and APO Solution in the next fiscal.