Thursday, March 15, 2007

Times Group to acquire 667,000 shares in textile firm Sumeet Industries

Bennett, Coleman & Company Limited (BCCL) has entered into an agreement to acquire 667,000 equity shares in Surat-based textile firm Sumeet Industries. Sumeet is a public-listed company engaged in the manufacturing and export of synthetic textile yarn and export of yarn and fabrics. The funds raised may be used to fund the company’s expansion plans that include increasing its polyester spinning capacity from the existing 12,000 tonne per annum to 56,000 tonne per annum. They are also setting up another 10 lines of polyester spinning plant with an annual installed capacity of 44,000 tonnes.

The company is also planning to develop an industrial park for medium & small industries near Kandla port in Kutch. The company owns 55 acres of land in this area and will be adding another 200 acres on which they will set up the infrastructure like roads, water and power supply.

Article in The Economic Times.

1 comment:

Anonymous said...

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