Lenders to invoke SDR in Alok Industries

Sources with direct knowledge suggest that debt-laden Alok Industries will be brought under SDR (Strategic Debt Restructuring) by the lenders. Banks are expected to take the decision in the Joint Lenders’ Forum on December 11, a source said.

Alok Industries closed FY15 with debt of close to Rs 27000 crore. State Bank of India is the top lender to the beleaguered textile company. Sources indicate that the record date for the SDR is likely to be set on November 30.

Alok Industries management did not respond to an ET NOW query on the development.