Sumeet Ind board reviews progress of commissioned projects

09 Oct '12

2 min read

Sumeet Industries Ltd has informed that the Board of Directors of the Company at its meeting held on October 08, 2012, has taken place the following business:

1. Funds Raising Program

The Company has recently completed its 180.00 Crores expansion program for enhancing its spinning capacity for producing POY and FDY to 100000 TPA and setting up new 8.6 MW Captive Power Plant thereby enhancing total captive Power capacity to 17 MW.

The Board has decided to raise funds up to Rs. 100.00 Crores required for enhancing working capital due to capacity expansion and general corporate purposes. Funds will be raised though further issue of Equity Shares by way of FPO/ Rights/ QIPs/ ADRs /GDRs / Preferential Allotments to Strategic Investors.

2. Review of Progress of the recently Commissioned Projects

The Chairman intimated to the Board that Company has received overwhelming response in the quality of POY/FDY produced from recently commissioned project and full result of this project will be reflected from third quarter of the current year's operation. The Company is expecting its turnover will cross to Rs. 1000.00 Crores in the current financial year.

Mr. Shankarlal Somani established Sumeet Industries Limited in 1989. The company started as a yarn manufacturing unit and has now grown in a huge conglomerate with various businesses with an annual turn over of Rs. 3638 million.

Sumeet Industries Ltd

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