News
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FMO extends USD 25 million ECB facility to Alok
Alok, a leading integrated textile company based in Mumbai has interests in home textiles, apparel fabrics, garments and polyester yarn and has recently ventured into retailing. Alok closed FY 2008 with sales of about Rs. 2159 crores and operating Profit after Tax of around Rs.167 crores (provisional).
Mr. Dilip B. Jiwrajka, Managing Director of Alok, stated that this facility will be used for import of capital goods for the textile industry or any other permissible purpose for the textile industry as per Reserve Bank of India guidelines. “This deal provides the Company with attractive long tenor funding for a period of 7 years. This is our second transaction with FMO and the advantage of associating with FMO is that besides the financial support that they extend, they also actively advice on betterment of social and environmental aspects, a subject close to our heart” he added.
Mr. Aart Mulder, FMO’s Manager Business Development Asia stated that FMO’s aim is to promote sustainable growth in the Asian sub-continent and attempt to bring in global standards of adherence in social and environmental compliance. “We have been associated with Alok in the past and with this new facility show that we are as confident about their future as they are”, he concluded.
About FMO:
The Netherlands Development Finance Company (FMO) is the international development bank of the Netherlands. FMO invests risk capital in companies and financial institutions in developing countries. FMO's investment portfolio is €3.4 billion, making it one of the largest bilateral development banks worldwide. Thanks in part to its relationship with the Dutch government, FMO is able to take risks which commercial financiers are not - or not yet - prepared to take. FMO's mission: to create flourishing enterprises, which can serve as engines of sustainable growth in their countries.
Press contact:
Nicoline van Slingelandt
Communications Officer
E n.van.slingelandt@fmo.nl
T +31(0)70 314 9790
M +31(0)6 225 630 47
