Sumeet Industries has been declared as the Successful Bidder (H1 Bidder) for the acquisition of assets at Phase-3: Chips Manufacturing Plant of Nakoda under the Corporate Insolvency Resolution Process. The Board of Directors of the company, at its meeting held on March 17, 2023, has considered and unanimously approved the Letter of Intent dated March 11, 2026, confirming the acquisition of the said assets under slump sale. 

Nakoda, a Surat-based company, was engaged in the manufacturing of Polyester Chips. The acquisition includes land and building admeasuring around 11,534 square meters along with the entire plant and machinery situated at Phase-3: Chips Manufacturing Plant.

The total consideration for the acquisition under slump sale is around Rs 23.47 crore, resulting in 100% control of the acquired assets by the company. The transaction is subject to necessary regulatory approvals, if any. The acquisition is expected to be completed within 180 days from the date of signing of the Letter of Intent, i.e., March 17, 2026. 

Sumeet Industries is a Surat-based integrated polyester manufacturer engaged in the production of Pet Chips, Partially Oriented Yarn (POY), Fully Drawn Yarn (FDY), and Polyester Texturised Yarn.