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Related Keywords: Alok Industries, textile company was among the 12 large stressed assets identified in June 2017

In December 2017 quarter, Alok Industries reported a net loss of Rs4,745 crore. Its total liabilities as on 31 December exceeded total assets by Rs13,891 crore.Lenders reject RIL and JM Financial’s bid for Alok Industries. The reason for rejection of Reliance Industries and JM Financial’s joint bid for Alok Industries and the next course of action for the bankrupt firm were not known immediately.For Alok Industries, the 270-day deadline prescribed under IBC to approve the resolution plan ended on 14 April

Related Keywords: Alok Industries, JM Financial Asset Reconstruction Company, textile company voting in favour of the resolution plan given by billionaire Mukesh Ambani’s company

JM Financial Asset Reconstruction Company has emerged as the sole bidder for Alok Industries.Alok Industries has received claims of Rs 29,500 crore from lenders with State Bank of India being the lead bank. One of the officials cited earlier, “With the 270 days deadline three days away — on April 14 — lenders are not in a position to bargain a better deal”

Related Keywords: Alok Industries, discussions with multiple levels of retail channels, launch brands in India, launching its products, Make in India initiative, manufacturing partnership, Nextt, participate in, US based home textile company

Nextt, US-based home textile company has decided to participate in the 'Make in India' initiative by launching its products in the country early next year. The company are in discussions with multiple levels of retail channels and hoping to launch their brands in India in the first quarter of 2016. Their manufacturing partnership with Alok Industries gives them an advantage.

The company is suppliers of home textiles, garments, apparel fabrics and polyester yarns to major retailers like Walmart, Kohl's, Dillard's, JCPenney and Target.

Related Keywords: Alok Industries, apparel fabrics, Garments, Make in India initiative, manufacturer of home textile, Nextt, plan to introduce brands to Indian market, polyester yarn, sells popular brands, US based home textile company

Nextt, a $500 million US based home textile company that manufactures home textiles, garments, apparel fabrics and polyester yarns, sells popular brands such as Trina Turk, Kathy Ireland, Jessica McClintock, Raymond Waites etc., and a key supplier to big retailers such as Walmart, Target, Kohl's, Dillard's etc. making plans to soon introduce its popular brands to Indian market.

Related Keywords: Alok Industries, consolidation phase, investment banker, joint venture, land in Mumbai, New York based, Next Creations, non-core assets, sell, Silvasssa, Store 21, textile major, UK retail chain, Vapi

Alok Industries, textile major is in view of raising Rs 2,000 crore by selling its UK retail chain, Store 21, and well as land in Mumbai, Vapi and Silvassa over the next two years for which investment bankers have been appointed.

At the moment, the company’s focus is selling all their non-core assets as they are in a consolidation phase and will not expand for at least the next three to four years, said Chief Financial Officer Sunil Khandelwal.

They also have plans to sell its land in Mumbai in the next six months and hope to raise at least Rs 300 crore from this sale.