Alok Industries to raise funds by selling its properties

Alok Industries plans to raise around Rs 2,000 crores over the next two years by selling its Store 21 and land in Mumbai, Vapi and Silvassa. To begin with, it would sell its land in Mumbai over the next six months expecting to raise at least Rs 300 crores.

Next on agenda is to scout a buyer for its UK retail chain, Store 21, for which it has appointed investment bankers to negotiate the deal. Keeping the expansion plans aside for the moment, the company would focus on selling all its non-core assets to get rid of Rs 20,000 crores debt on a consolidated level. Its standalone debt stands at Rs 16,000 crores. As a part of its strategy, the company began shutting down its India retail venture, H&A, a couple of years ago.