Textiles maker Alok Industries Ltd, said it plans to sell its real estate portfolios to raise funds and retire debt.
"We will encash our real estate portfolios. We believe, in the next one-and-a-half to two years, we would get a net inflow of 7 billion rupees," chief financial officer Sunil Khandelwal said on Monday.
Khandelwal said the firm has already signed a deal to sell part of its property in central Mumbai to an undisclosed buyer and expects an inflow of about Rs 670 million from the sale.
Source: Realty Plus Alok Industries to sell properties in Mumbai