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Alok May List Infrastructure Subsidiary

Mumbai-based Alok Industries is looking to list its newly cut-out infrastructure arm Alok Infrastructure. The company recently restructured its business into four special business units (SBUs) - infrastructure, garments, domestic retail and international - with Alok Industries as the holding company.

It has named four senior executives to run these SBUs. S C Goyal, director (project), would be CEO of the infrastructure business, while retail head Sunil Mehta will be CEO of the retail venture. Suraj Alva and R Narayan will head the garment and international businesses, respectively.

Sources said the Rs 2,500-crore company is looking to sell or lease out two of its properties - 5,75,000 sq ft in the Peninsula Business Park and 57,000 sq ft in Ashford Centre, both in Lower Parel in Mumbai.

Sunil Khandelwal, chief financial officer, declined to comment on the subsidiary's listing. On the two properties, he said, "The company has yet to take any final decision."

Notably, Alok last week bought 5,75,000 sq ft of office space at Dawn Mills in Lower Parel from Ashok Piramal group's Peninsula Land for Rs 1,075 crore.

The company plans to shift its processing unit from Navi Mumbai to Vapi and will develop an IT park on the Navi Mumbai land.

It has also decided to change the name of its retail stores to H&A from Home and Apparels currently. The new name will be implemented in the first week of September in all existing 13 stores.

The company plans to open 30 more stores by October and 100 by the end of the current fiscal in Maharashtra and Gujarat.

It expects to get final approval for setting up a 180-acre textile SEZ in Silvassa next month Source : DNA Mithun Roy, Mumbai << Back