Mumbai, July 14 (UNI) Development Finance Company (FMO), a Netherlands-based development bank has extended an ECB of USD 25 million to Alok Industries Limited (Alok), a leading integrated textile company.
City-based Alok has interests in home textiles, apparel fabrics, garments and polyester yarn and had recently ventured into retailing. Alok closed FY 2008 with sales of about Rs 2,159 crore and Profit After Tax of around Rs 167 crore (provisional).
Company MD Dilip B Jiwrajka in a release said that the ECB would be used for import of capital goods for the textile industry or any other permissible purpose for the textile industry as per Reserve Bank of India guidelines. ''This deal provides the Company with attractive long tenor funding for a period of seven years. This is our second transaction with FMO and the advantage of associating with FMO is that besides the financial support that they extend, they also actively advice on betterment of social and environmental aspects, a subject close to our heart,'' he added.
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