The Rs 4,000-crore textile major Alok has entered into a joint venture agreement with a US-based company Next Creations. The JV has been entered into by Alok's US arm, the company said in a filing to the stock exchanges.
The new Company called Next Creations Holdings will involve all of Next Creations designs, including its branded businesses and its license for Charisma home textiles products as well as private labels, the company said.
Alok's US arm, Alok International was set up with the objective of providing forward integration to USA retailers. The subsidiary also enters into strategic partnerships in the US.
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