Business Update7 May 2026, 02:39 pm
Gokak Textiles: Knitwear Plant Sale Postponed
AI Summary
Gokak Textiles Ltd announced a further three-month postponement in the completion of the sale of its knitwear manufacturing plant located at Bagalkot Road, Village Marihal, District – Belagavi, Karnataka. The transaction, initially scheduled for completion in January 2026, is delayed due to process issues. The plant's turnover for FY 2024-2025 was ₹505.47 lakhs, representing 5.17% of the company's total revenue. As of March 31, 2025, the net worth of the knitwear business was negative ₹(4,115.21) lakhs, contributing 26.02% to the company's negative net worth.
Key Highlights
- Gokak Textiles postpones knitwear plant sale by three months due to process delays.
- The plant's FY25 turnover was ₹505.47 lakhs, 5.17% of total revenue.
- Knitwear unit's net worth was negative ₹(4,115.21) lakhs as of March 2025.
- Sale agreement was entered on September 09, 2025, for ₹19.50 Crores.
- Buyer, M/s V. G. Parekh & Co., is not part of the promoter group.
Price Impact
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