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Mumbai, Aug. 1 Textile manufacturer Alok Industries Ltd has through its wholly owned subsidiary, Alok Industries International Ltd, incorporated in the British Virgin Islands, signed an exclusive licence agreement with New York headquartered AISLE 5, LLC for its portfolio of lifestyle brands — aworld and Cotton + Clay.

Under the multi-year licence, the company has acquired the manufacturing and distributing rights of bathing, sleeping, dining and home décor textile products through supermarket retail stores in the US and Canada.

The company declared a net profit of Rs 55 crore for the first quarter ended June 30, 2007, up from Rs 26 crore of the same quarter last year by 104 per cent.

The turnover rose by 17 per cent to Rs 418 crore against Rs 357 crore of the same quarter last year. The other income of Rs 39.74 crore includes Rs 39.55 crore worth of income gained on foreign exchange transactions entered in to mitigate forex risk, said a company announcement to the BSE.

The company is awaiting approval of its SEZ in Silvassa, work on which will be carried out through its wholly owned subsidiary Alok Infrastructure Pvt Ltd.

More Stories on : Alliances & Joint Ventures | Textiles

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