Garment Division (Knitwear Unit) closed, to be sold for Rs 19.50 Crore
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Gokak Textiles has permanently closed its loss-making Garment Division (Knitwear Unit) at Marihal, Belagavi from October 6, 2026, after deemed government approval when no order came within 60 days. The unit contributed only Rs 422.73 lakhs (9.76%) to FY26 revenue and had negative net worth of Rs 4,192.55 lakhs. The 15.65 acre freehold land, building and machinery will be sold to V.G. Parekh and Co. for Rs 19.50 Crores per a September 2025 agreement. Sale completion was delayed twice from January 2026 to October 2026. All workers terminated with full and final settlement assured.
Removes a chronic loss-making unit and frees management focus on the core Mills Division. Rs 19.50 Crore sale proceeds are modest versus the unit's large negative net worth.