# Reliance Industries-JM Financial ARC wins creditors' nod for Alok Industries acquisition

Reliance Industries Ltd and JM Financial Asset Reconstruction Co Ltd received creditors' approval for a ₹5,050-crore resolution plan to acquire debt-laden textile company Alok Industries Ltd. The plan was approved by 72.19% of creditors.

- Type: Acquisition
- Announced: 2018-06-22
- Where: Silvassa, India
- Value: $740.0M (50.5B INR)
- Status: announced
- Products: cotton and polyester textiles
- Sectors: [Industrial Textiles](https://endata.com/sectors/industrial-textiles.md)

## Companies

- [Reliance Industries](https://endata.com/companies/1562.md) (acquirer)
- [JM Financial Asset Reconstruction](https://endata.com/companies/32710.md) (partner)
- [Alok Industries](https://endata.com/companies/32711.md) (target)
- [JM Financial ARC](https://endata.com/companies/32723.md) (acquirer)

## Sources

- [thehindubusinessline.com](https://www.thehindubusinessline.com/companies/reliance-jm-financial-arc-resolution-plan-set-to-win-alok-industries/article24234514.ece), 2018-06-22: "In a fresh voting of the resolution plan, 72.19 per cent of the creditors have voted in favour of the plan."
- [economictimes.indiatimes.com](https://economictimes.indiatimes.com/industry/banking/finance/ril-jm-financial-to-take-over-alok-industries-as-lenders-settle-for-83-haircut/articleshow/64706275.cms), 2018-06-23: "The Reliance Industries-JM Financial ARC combine was the sole bidder for the bankrupt textile company but their plan had been rejected twice in the past."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.