Sumeet Industries plans expansion at Rs 125 cr
Mumbai, Feb 12 (UNI) Sumeet Industries, producers of polyester yarn, woven fabric and menthol, has chalked out a backward integration-cum-expansion plan involving an investment Rs 125 crore.
Company chairman S L Somani told reporters here today, ''The plan will cover expansion of polyester POY capacity from existing 12,000 tonnes per annum to 60,300 tonnes per annum.
The company, meanwhile, will hold its annual general meeting on March 3 for approving the rights issue of equity shares of up to Rs 26 crore. The company will file for the issue with the Securities&Exchange Board of India (SEBI). The rights issue will come up in June, Mr Somani said.
He
said,
''The
new
fund
will
be
utilised
for
expanding
the
existing
unit
at
Surat
with
a
cost
of
Rs
125
crore.
It
will
be
completed
on
January
2009
and
the
commercial
production
will
start
on
February
2009.''
UNI
AR
MAZ
SM1602