Alok Industries is reportedly planning to raise Rs 2,000 crore in the coming two years by selling UK retail chain, Store 21 and land in Mumbai, Vapi and Silvassa.
The textile major will sell its land in the next six months and is expected to raise at least Rs 300 crore from this sale. Moreover, the company is also looking for a buyer for its UK retail chain, Store 21, and has appointed investment bankers for the same. At the moment, the company’s focus is on selling all its non-core assets.
Currently, the company is in a consolidation phase and will not expand for at least the next three to four years.
Alok Industries evolved from a small trading business into India’s largest integrated textiles player. It is present across various verticals of the textile value chain - from yarn manufacturing to garmenting.