The purpose of the term loan is to repay existing loans from banks as a part of financial restructuring.

The firm has also signed an agreement with SBI for Rs 90 crore to meet its working capital requirements.

Alok Industries is an integrated textile manufacturer with operations in both cotton & polyester value chain. The company is primarily engaged in the business of textile manufacturing including mending and packing activities. It has global retailers, brands, reputed garment manufacturer and traders.

The company’s consolidated net loss narrowed to Rs 174.83 crore in Q2 FY24 as compared to a net loss of Rs 191.50 crore recorded in Q2 FY23. Net saled declined 20% year on year to Rs 1,359.02 crore during the quarter.