Business
22 Jun, 2026
Polyester company Sumeet Industries to raise nearly Rs 200 cr for plant expansion, solar project
Business To Business, Mumbai, 22nd June, 2026: Sumeet Industries Limited has launched a ₹199.75-crore rights issue to raise funds for capacity expansion, renewable energy investment, and debt reduction.
According to the company, the rights issue opened on Monday and consists of 16.84 crore equity shares priced at ₹11.86 per share. The issue is scheduled to close on July 20.
Planned Use of Funds
The company intends to utilize the proceeds for several strategic initiatives:
- ₹49 crore for the acquisition and operationalisation of an additional 140,000 tonnes per annum (TPA) polyester chips plant acquired from Nakoda Limited in Surat, Gujarat.
- Investment in a captive solar power project to support manufacturing operations and reduce energy costs.
- Debt reduction, aimed at strengthening the company's balance sheet and improving financial flexibility.
The acquisition of the additional polyester chips plant is expected to enhance production capacity and support future growth in the polyester value chain. At the same time, the planned solar project aligns with broader industry efforts to lower energy expenses and increase the use of renewable power in manufacturing.
By combining expansion, sustainability initiatives, and debt reduction, Sumeet Industries is seeking to improve operational efficiency while positioning itself for long-term growth in the polyester and textile sectors.
The company is headquartered in Surat, one of India's major textile and synthetic fiber manufacturing hubs.