Sumeet Industries chalks up Rs 125 cr expansion plan

Mumbai, Feb 16 (UNI) Sumeet Industries Limited, the producer of polyester yarn, woven fabric and menthol, has chalked out a Backward Integration-cum-Expansion plan involving an investment of Rs 125 crore.

The Company in a release here said the Polyester POY capacity would be increased to 60,300 tonnes from existing 12,000 tonnes and Continuous Poly Condensation Plant (C P Plant) for 100,000 tonnes per annum.

To part finance this project cost, the Board of Directors of the Company has approved the Rights Issue of Equity shares up to Rs 26 crore. The ratio and price for the issue would be finalized by the Company at the appropriate time. An Extra Ordinary General Meeting (EGM) is proposed to be convened on March 3 to seek the approvals of shareholders and members.

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