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