| Alok to buy 60% stake in Mileta for euro 14mn |
| Our Bureau / Mumbai September 26, 2006 |
| Alok Industries has entered into a Memorandum of Understanding (MoU) with Mileta International (Mileta) to acquire a 60% stake in Mileta with an understanding to acquire a further 19.6%. According to Alok Industries release to the BSE, the company will pay euro 13.96 million for acquiring the stake in Mileta. Mileta is a leading European manufacturer of shirting fabrics, batistes and voiles, complete line of functional table linen and bed linen and exclusive handkerchiefs. Under the terms of the MoU, the company will exclusively own all the brands of Mileta including Mileta |
