Alok Industries enters into MoU with UNPCB and MAS

Alok Industries Ltd has announced that the Company has entered into a Tripartite Memorandum of Understanding (MoU) with (i) Union Nationale Des Producteurs De Cotton Du Burkina Faso ("UNPCB") and (ii) MAS Intimates (Private) Ltd, a Company incorporated in Sri Lanka ("MAS"), on behalf of Limited Brands PLC and Victoria's Secret ("the Limited") for the purpose of cultivation and supply of Organic Fair Trade Cotton. MAS and the Limited have identified the Company for the purpose of participating in the project by processing the cotton procured by MAS from Burkina Faso.

Under the terms of this MOU, UNPCB will produce and supply Organic Fair Trade Cotton to the Company. The Company will then produce the finished fabrics for supply to MAS, who will in turn convert the same into end products for sale to the Limited.

This entire initiative is part of ensuring sustainable resources of raw materials, women empowerment and ensuring a Fair Trade price for growers of Organic Cotton in Burkina Faso.

The stock was trading at Rs.58, down by Rs.0.85 or 1.44%. The stock hit an intraday high of Rs.59.15 and low of Rs.57.55. The total traded quantity was 63635 compared to 2 week average of 223476.

Source : Equity Bulls

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