Alok Industries Updates on Business

Alok Industries Ltd has announced about the following:

1. Trademark License Agreement signed with Peacock Alley Inc, a premium manufacturer and importer of luxury branded bed and bath linens in the USA to market its licensed range of products in India. Peacock Alley to provide design inputs and the brand to be positioned in the premium category in the domestic market.

2. Guidelines notified for setting up of SEZs in Silvassa - Company to now apply for final approval to GOI for setting up Textile SEZ in Silvassa through its wholly owned subsidiary.

3. Projects under Phase I & II commissioned. Phase III project aggregating to Rs 1100 crores progressing satisfactorily and expected to be commissioned by March 2008 along with Terry Towel project. Phase IV project embarked on envisaging expansion of capacities for spinning, normal width processing, knit & knit processing, garments and 50 MW power plant aggregating Rs 1180 crores - To be funded through TUFS loan of Rs 950 crores (tied up) and internal accruals of Rs 230 crores. No equity dilution envisaged.

4. Acquisition of 60% stake in Mileta a.s. in the Czech Republic completed and acquisition of its brands to shortly take place.

5. Commissioning of the first-of-its-kind-in-India Reggiani DReAM Printing Machine, Italy an industrial ink jet digital textile printing machine designed for printing high-fashion and household fabrics and Monforts MXL Range, Germany for continuous moist crosslinking of fabrics that allows non-iron and laundry-fresh properties to be achieved on cotton materials within the shortest treatment times.

6. ECB of JPY 11.8 billion equivalent to USD 100 million repaid - Forex gain of around Rs 33.43 crores through appropriate hedging strategy.

7. Accreditation of Vapi plant Laboratory with Marks & Spencers for Instrumental Color Measurement of Textiles.

8. Control Union Certificate for 100% organic products issued by CU Inspection P. Ltd., Netherlands.

9. Fair Trade license for use of their cotton by FLO - Fair Trade Label Organization, Germany obtained.

10. Award from The All India Exporters Chamber in recognition of the role played by the Company in the development of exports of made ups.

Source : Equity Bulls

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