Indian textile firm Textile Alok Industries Ltd has taken a 50% stake in Ashford Infotech, a part of the Ashford Group, for the joint development of real estate projects.

It has acquired the stake through wholly owned subsidiary Alok Infrastructure, it told the Bombay Stock Exchange.

The venture has already purchased the Bhandup land of tyre maker Ceat Ltd, measuring around 6.92 acres for around INR1.30bn (US$30m) as its first property development.

According to a report today (13 March) by news agency Reuters, the JV will build a number of offices and set up a 183-acre textile special economic zone in Silvassa.