Feedback
A pioneer B2B media and publication platform connecting with Fashion Brands & Retail in India

Alok staff wants plan accepted

Employees of debt-ridden Alok Industries have dashed off letters to the chairmen of nearly ten banks asking them to accept a resolution plan submitted by a consortium led by Reliance Industries.

They are of the opinion that the resolution plan will ensure the livelihood of about 18,000 employees, while the lenders will receive much more from the process.

Silvassa-based textile manufacturer Alok Industries was among the 12 first large non-performing assets identified by the Reserve Bank of India for resolution under the Insolvency and Bankruptcy Code in June 2017.

Alok currently employs 18,000 personnel (which at the peak was 30,000), generates revenue of Rs 35,000 crores and supports 3,500 vendors.

Nearly 30 per cent of the total lenders had rejected the resolution plan submitted by a consortium led by Reliance Industries. Subsequently, the Resolution Professional (RP) referred the company for liquidation.

The resolution plan offered the lenders a cash settlement of Rs 5,050 crores, which is well above the liquidation value of Rs 4,200 crores. This payment was to be made upfront and be available for the lenders for immediate deployment in further lending.

 

LATEST TOP NEWS
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10

Facing financial pressures, is Alok Industries on the verge of closure?

Facing financial pressures, is Alok Industries on the verge of closure?

Alok Industries, one of the most formidable players in Indian textile space, has been reeling under financial pressure and may soon be declared bankrupt if the dues aren’t paid. The... Read more

Fusion Beats: Creating a niche with a mix of traditional & western wear

Fusion Beats: Creating a niche with a mix of traditional & western wear

Fusion clothes fill the gap between the western and the traditional, and in India, Fusion Beats has created a niche in this space. Modern women seek for garments, which are... Read more

Bengaluru to host last show of JFW S/S ’18 runway showcase

Bengaluru to host last show of JFW S/S ’18 runway showcase

Junior’s Fashion Week is all set to conclude its Spring/Summer 2018 at Bengaluru with international brands like U.S. Polo Assn. Kids, Cherry Crumble California, Marks & Spencer, The Children's Place,... Read more

Soch launches week wear collection, focuses on retail expansion

Soch launches week wear collection, focuses on retail expansion

Women’s ethnic wear market is growing consistently with the infusion of a variety of new silhouettes and styles that enhance the fashion quotient while being comfortable. Trendy fusion wear, which... Read more

Predictive Analytic tools helping brands/retailers stay ahead in fashion

Predictive Analytic tools helping brands/retailers stay ahead in fashion

With designer labels filling up consumer’s wardrobes and fashion changing at lightning speed, the attention span of consumers is less than that of a goldfish. Given this scenario, designing clothes... Read more

India’s growing prominence in global e-com landscape

India’s growing prominence in global e-com landscape

The Hong Kong Trade Development Council has published a research on India’s growing e-commerce consumerism. As per the report, India is considered a difficult market to do business, despite substantial... Read more

Duty-free Chinese fabrics get converted into RMG in Bangladesh, enter India

Duty-free Chinese fabrics get converted into RMG in Bangladesh, enter India

Increasing apparel imports particularly from Bangladesh is silently disrupting India’s domestic textile value chain from fibre to apparel, suggest some reports. The industry has asked for immediate government intervention to... Read more

No Nasties optimistic about growth of organic clothing in India

No Nasties optimistic about growth of organic clothing in India

No Nasties today is one of the largest exporters of organic knits. Speaking about their upcoming collection and its emphasis on organic clothing, Apurva Kothari, Founder, No Nasties, says, “We... Read more

V Bazaar eyes 562,000 sq. ft. retail space by March 2020

V Bazaar eyes 562,000 sq. ft. retail space by March 2020

Knitwear as a category is not only more value for money but also trendy and in-fashion for V Bazaar’s customer base. The category contributes more than 70 per cent of... Read more

Alcis Sports to open more EBOs this year

Alcis Sports to open more EBOs this year

The active wear and athleisure market in India is poised for big growth as it’s passing through an exciting and interesting phase as the line between performance wear and lifestyle... Read more

MOST POPULAR NEWS
Go to top