Alok Industries in talks with PE firms to raise Rs300 crore

Mumbai-based textiles company Alok Industries Ltd that has business interests in real estate and retail, is in talks with a few private equity (PE) firms, including Delhi-based Red Fort Capital Advisors Pvt. Ltd, to raise upwards of Rs300 crore for a 20-25% stake in its real estate development project in Peninsula in mid-town Mumbai. A senior executive of the company confirmed this, but requested anonymity, as the deal is yet to be concluded. The real estate project is owned by a 100% subsidiary of Alok Industries. The company plans to raise this amount for a 20-25% stake in a real estate project in Mumbai Axis Bank Ltd’s investment banking team is adviser to Alok Industries for this PE deal. The price as well as the quantum of stake to be sold is still under negotiation. Red Fort Capital, a realty-focused PE firm, could not be immediately reached for comment.