Financing arrangement likely by month-end: RIL in talks for Rs 5,000-crore loan to take over Alok Industries

RIL is in talks with State Bank of India, HDFC Bank and ICICI Bank for financing. RIL won the right to buy Alok Industries in the Insolvency and Bankruptcy Code process in March this year. The Ahmedabad bench of the NCLT had approved the sole RIL bid, made together with JM Financial Asset Reconstruction Co, which had promised to pay Rs 5,050 crore to take over Alok.

from Banking/Finance-Industry-Economic Times https://ift.tt/2P02YVX