Sumeet Industries Acquires Nakoda Limited's Chips Manufacturing Plant
Sumeet Industries Limited announced on March 17, 2026, that it has been declared the successful bidder for the acquisition of assets from Nakoda Limited's Chips Manufacturing Plant in Surat, Gujarat, through a slump sale under the Corporate Insolvency Resolution Process.The acquisition, approved by the company's Board of Directors at a meeting held on March 17, 2026, includes land, building, and plant and machinery situated at Phase-3: Chips Manufacturing Plant. The land area is 11534 square meters. Nakoda Limited is a Surat-based company engaged in the manufacturing of Polyester Chips, a raw material used in the production of Polyester Yarns (POY and FDY).
The acquisition is expected to expand Sumeet Industries' manufacturing base for Polyester Chips production by approximately 400 tons per day.
The total consideration for the acquisition is ₹23,46,77,088.00. Sumeet Industries will acquire 100% control of the project under slump sale. The acquisition is anticipated to be completed within 180 days from March 17, 2026, subject to any required regulatory approvals.
According to details disclosed, the acquisition will not be considered a related party transaction and promoters and group companies have no interest in the acquired entity.
| Particulars | Details |
|---|---|
| Industry | Manufacturing of Polyester Chips |
| Acquisition Type | Cash Consideration |
| Percentage Acquired | 100% Control |
| Consideration | ₹23,46,77,088.00 |
| Completion Timeline | Within 180 days |
Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.