Sumeet Industries to set up Rs 75-cr captive power plant

Sumeet Industries Ltd, a manufacturer and exporter of polyester yarn, polypropylene yarn and woven fabrics, is reportedly planning to set up a new captive power plant to bring down its power cost. “The board of directors of the company discussed and evaluated the proposal of setting up coal-based captive power plant and decided to set up 15 MW power plant with project cost of Rs 75 crores using both domestic and imported coal as fuel,” said Sumeet Industries in a BSE filing.
 
The company expects the new power project to reduce its power cost substantially and result in saving of around Rs 30 crores in a year.
 
Sumeet Industries Ltd holds a substantial capacity in fabric processing in Surat and has 11 fabric processing units with a capacity to process one million meters fabric per day which comes to 365 million fabric per annum, as per the information available on its website.