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Alok Industries, after market hours, said that it has received an initial advance of $250 million (about ₹1,550 crore) from SBI under the Export Performance Bank Guarantee scheme. The bank had earlier sanctioned a loan of up to $1,633.33 million (₹9,800 crore) to the textile major. Alok is confident of receiving the balance amount of up to $1,383.33 million. Shares will react positively, as fresh funds will help the company repay some of its high-cost debt.
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