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:

Anju Patel said...

Surat India,is India's one of the recongnized city in the business world.Surat holds 7th position in india and 2nd position in Gujarat among biggest cities. Surat is manily know for two businesses.It does not mean that Surat has only these two businesses.But 'Surat Diamodns' and 'Surat Textile' are known not only in India but the whole world. Surat is world's largest diamond's cutting and polishing industry.Surat cuts 8 out of 10 diamonds in the world.Though recently business of Surat Diamonds has slowed down because of various reasons but still Surat Diamonds is big revenue generator of India. Next but very important business of Surat is Surat Textile.Surat is chief textile manufacturer city of India.Saree of Surat is world famous.Srat dress materials are exported all over the world because of its excellent quality. Shopping Surat