Reliance To Invest Rs 7,000 Crores in Alok Industries
Mukesh Ambani led Reliance Industries Ltd (RIL) has plans to invest Rs 7,000 crores in the current fiscal in Alok Industries, a textile manufacturer and which is one of RIL’s subsidiaries.
The Rs 7,000 crores investment is part of an Rs 14,000 crores investment, which the biggest Indian corporate company has planned to invest in its various subsidies in fiscal 2024.
“RIL proposes to provide support to Alok Industries through investment in securities, loans and advances and guarantees from time to time to enable Alok to meet its funding requirement,” the New Indian Express reported.
Alok Industries was acquired by a consortium of Reliance Industries and JM Financial ARC in 2019, in which RIL holds around 40 percent stake.