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

The consortium of lenders, led by SBI, is claiming dues of over Rs 230 billion from debt-ridden Alok Industries

Press Trust of India  |  New Delhi 

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Reliance Industries

Ltd (RIL) said today that it has bid jointly with JM Financial Asset Reconstruction Company to acquire the Industries.

In a clarification to stock exchanges, 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 for resolution of Industries Limited in terms of the IBC code," said

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 under the Insolvency and Bankruptcy Code.

The consortium of lenders, led by SBI, is claiming dues of over Rs 230 billion from Industries.

First Published: Thu, April 12 2018. 15:34 IST
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