Gokak Textiles Ltd. to Sell Knitwear Plant in Bagalkot for Rs. 19.50 Crores
Gokak Textiles Ltd. has announced its decision to sell its knitwear manufacturing plant located at Bagalkot Road, Village Marihal, District - Belagavi, Karnataka State. The plant, which was set up in 1995, has been performing poorly over the past years. The company has initiated a process to seek approval from shareholders for the sale, as per the requirements of the Companies Act, 2013. The plant, which is located on freehold land of 15.65 acres, has a valuation of Rs. 21.49 Crores as on May 15, 2025. The sale is expected to be completed by January 2026, and the consideration for the sale is agreed at Rs. 19.50 Crores. The buyer, M/s V. G. Parekh & Co., is a real estate development and leasing company based in Vijayapura and does not belong to the promoter/promoter group/group companies.
Key Highlights
- Gokak Textiles Ltd. to sell knitwear plant in Bagalkot for Rs. 19.50 Crores.
- The plant was set up in 1995 and has been performing poorly over the past years.
- The company has initiated a process to seek approval from shareholders for the sale.
- The plant is located on freehold land of 15.65 acres and has a valuation of Rs. 21.49 Crores as on May 15, 2025.
- The sale is expected to be completed by January 2026 and the buyer is M/s V. G. Parekh & Co., a real estate development and leasing company based in Vijayapura.