INDIA: Alok forms real estate venture

Indian textile firm Textile Alok_Industries Ltd has taken a 50% stake in Ashford Infotech, a part of the Ashford Group, for the joint development of real estate projects.

It has acquired the stake through wholly owned subsidiary Alok Infrastructure, it told the Bombay Stock Exchange.

The venture has already purchased the Bhandup land of tyre maker Ceat Ltd, measuring around 6.92 acres for around INR1.30bn (US$30m) as its first property development.