Sumeet Industries Limited, a prominent name in the polyester manufacturing sector, has confirmed a strategic acquisition valued at ₹23.47 crore. This move is aimed at enhancing its polyester chips production capacity. The company has been declared the Successful Bidder for the assets of Nakoda Limited‘s Phase-3 Chips Manufacturing Plant, located in Surat, under the Corporate Insolvency Resolution Process.
The Board of Directors of Sumeet Industries approved the acquisition through a Letter of Intent dated 11th March 2026. The acquisition encompasses land and buildings measuring approximately 11,534 square metres, along with the entire plant and machinery at the site.
This acquisition will add approximately 400 tons per day to Sumeet Industries’ polyester chips capacity, translating to around 1,46,000 tons annually, assuming 365 operational days. The additional capacity is expected to support the company’s spinning units for manufacturing Partially Oriented Yarn (POY) and Fully Drawn Yarn (FDY).
The strategic rationale behind this acquisition includes expanding the company’s existing polyester chips manufacturing capacity, acquiring assets within the same manufacturing line, and achieving better operational alignment due to the proximity of the new plant to existing operations.
The acquisition, structured as a slump sale, grants Sumeet Industries 100% control over the acquired assets, pending necessary regulatory approvals. The transaction is anticipated to be completed within 180 days from the signing of the Letter of Intent, dated 17th March 2026.
Pratik R. Jaju, Managing Director of Sumeet Industries, commented, “This acquisition strengthens our presence in the polyester value chain and expands our Polyester Chips manufacturing capacity. The addition of this facility enhances our production scale and supports better integration with our downstream yarn business including POY and FDY.”
Sumeet Industries, incorporated in 1988 and based in Surat, is noted for its production of Pet Chips, POY, FDY, and Polyester Texturised Yarn. The company was taken over by the Eagle Group following an NCLT order in July 2024. The company continues to focus on expanding its product range and capacity, including a recent approval for a ₹30 crore investment to increase polyester yarn capacity by 15,000 tonnes annually.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Business Desk and reviewed by Aman Shukla before publication.