Alok Industries has received an initial advance of $250 million (about Rs 1,550 crore) from State Bank of India (SBI) under the Export Performance Bank Guarantee scheme. The bank had earlier sanctioned a loan of up to $1,633.33 million (Rs 9,800 crore) to the textile major. The company is confident of receiving the balance amount of up to $1,383.33 million.
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.