Alok Industries Ltd has informed that the Company had bid for Joint Ventures (JV) with National Textile Corporation Ltd (NIC) for the revival of the textile mills located at the New City of Bombay Manufacturing Mills, Mumbai and Aurangabad Textile Mills, Aurangabad and for development of textile related infrastructure therein.
The Company has since been awarded the bids and NTC has accordingly incorporated two JV Companies for the purpose of the joint venture, which will in turn own, operate and run the aforesaid two Mills respectively.
The Share Subscription and Shareholders Agreements have been executed between NTC, the JV Companies and the Company for the revival / modernization of above referred two mills.
The investment to be made by the Company into the JV Companies will be made either directly or through a special purpose vehicle to be floated for this purpose which may be a subsidiary, associate or a group Company.
The Company has since been awarded the bids and NTC has accordingly incorporated two JV Companies for the purpose of the joint venture, which will in turn own, operate and run the aforesaid two Mills respectively.
The Share Subscription and Shareholders Agreements have been executed between NTC, the JV Companies and the Company for the revival / modernization of above referred two mills.
The investment to be made by the Company into the JV Companies will be made either directly or through a special purpose vehicle to be floated for this purpose which may be a subsidiary, associate or a group Company.
