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PNN
Surat (Gujarat) [India], March 25: Sumeet Industries Limited, (NSE Code: SUMEETINDS, BSE Code: 514211), one of the leading integrated polyester manufacturers engaged in the production of Pet Chips, Partially Oriented Yarn (POY), Fully Drawn Yarn (FDY) and Polyester Texturized Yarn, has announced that it has been declared as the Successful Bidder (H1 Bidder) for the acquisition of assets at Phase-3: Chips Manufacturing Plant of Nakoda Limited under the Corporate Insolvency Resolution Process. The Board of Directors of the Company, at its meeting held today, has considered and unanimously approved the Letter of Intent dated 11th March 2026, confirming the acquisition of the said assets under slump sale. Nakoda Limited, a Surat-based company, was engaged in the manufacturing of Polyester Chips. The acquisition includes land and building measuring approximately 11,534 square meters, along with the entire plant and machinery situated at Phase-3: Chips Manufacturing Plant. Capacity Expansion - Incremental capacity addition of approximately 400 tons per day of Polyester Chips- Equivalent to approximately 1,46,000 tons per annum (assuming 365 operating days)- Polyester Chips to be utilized in spinning units for manufacturing POY and FDYStrategic Rationale - Expansion of Polyester Chips manufacturing capacity in line with existing business operations- Acquisition of assets in the same line of manufacturing, supporting scale-up of operations- Proximity to existing plant enabling better operational alignmentThe total consideration for the acquisition under slump sale is approximately 23.47 Cr, resulting in 100% control of the acquired assets by the Company. The transaction is subject to necessary regulatory approvals, if any. The acquisition is expected to be completed within 180 days from the date of signing of the Letter of Intent, i.e., 17th March 2026. A copy of the Letter of Intent is available on the following link:https://www.sumeetindustries.com/news/letter-of-intent Commenting on the Development, Mr. Pratik R. Jaju, Managing Director of Sumeet Industries Limited, said, "This acquisition strengthens our presence in the polyester value chain and expands our Polyester Chips manufacturing capacity. The addition of this facility enhances our production scale and supports better integration with our downstream yarn business, including POY and FDY. Given the proximity of the acquired plant to our existing operations, we expect improved operational alignment and efficiency as we scale up capacity. This also provides us with greater flexibility in managing production and supporting future growth requirements across our polyester portfolio." Disclaimer: This article is for informational purposes only and does not constitute financial advice. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same.)
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