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Alok Industries, after market hours, on Wednesday said State Bank of India has sanctioned $207.41 million (about ₹1,244 crore) export performance bank guarantee to it and has agreed to front for another $1.42 billion (around ₹8,555 crore). The sanctions will help Alok avail itself of a long-term export advance of around ₹9,800 crore, which will be used to repay high-cost debt, savings of at least 6 per cent on the domestic debt.
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