Indian group secures $150m Islamic loan
Dubai, October 2, 2013
Indian textile major Alok Industries said its overseas unit has successfully closed a $150 million syndicated Murabaha facility with Gulf lenders Noor Islamic Bank and Warba Bank.
The facility marked the first such transaction that involved an Indian corporate availing financing under a syndicated Shari’a compliant structure through its subsidiary in the UAE.
Noor Islamic Bank and Warba Bank acted as the mandated lead arrangers for the transaction involving Alok International Middle East. The other participants in the facility included the Commercial Bank International and United Arab Bank.
Noor Islamic Bank also acted as the bookrunner, structuring bank, documentation bank, investment agent and security agent.
One of the major textile exporters of India, Alok, with revenues over $2 billion, is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in India.
It is an integrated textile manufacturing company covering the entire textile value chain, in cotton and cotton blends, from spinning to home textiles/garments and in polyester from textile grade chips to yarn.
The company has manufacturing units that are strategically situated at Navi Mumbai, Vapi and Silvassa, in the States of Gujarat and Maharashtra.-TradeArabia News Service