Alok Industries, an integrated textile manufacturer, plans to exit the real estate business and offload stakes in international retail subsidiaries. With this, the Alok group plans to raise around Rs 1,200 crore, which will go towards repaying its debt in the next two years, according to a person close to the development.
The group has debt of about Rs 6,600 crore on its balance sheet, as on March 2009.
The company, which is the second-largest textile exporter, intends reducing its interest cost on account of a large debt.
Times of India