Alok Industries, the Rs 2,500 crore textile firm, is sewing up an ambitious real estate design through its realty venture, Alok Infrastructure.
An industry source said Alok Infrastructure has initiated talks with a few real estate developers and builders in Navi Mumbai’s Panvel area for joint ventures(JVs).
The company is also talking to mid-size builders in Navi Mumbai whose projects have been stalled due to funds crunch. The game plan is to form JVs with such builders and take the work forward.
Sunil Khandelwal, chief financial office, Alok Industries told DNA Money, “Talks are at a very nascent stage with a few players in Navi Mumbai, but there is nothing much to share at this stage. As and when things take shape, we shall inform the exchanges.”
About media reports of Alok’s JV with Welspun, Khandelwal categorically denied any such move.
Real estate projects in Navi Mumbai are booming. Recently, L&T outbid real estate giants DLF and Indiabulls to emerge as the highest bidder at Rs1,809 crore for a commercial complex at Seawoods railway station.
As earlier reported, Alok Industries is also looking to offload 20% in Alok Infrastructure to a private equity player to raise about Rs 600 crore, which is likely to be sealed by May. While it has not yet identified any PE firm, Ernst & Young is doing the valuation of the subsidiary
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