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Gokak Textiles Announces Further Delay in Sale of Marihal Knitwear Plant
Posted On : 2026-05-09 21:30:30( TIMEZONE : IST )
Gokak Textiles Limited has issued a fresh update regarding the divestment of its knitwear manufacturing facility, signaling a continued extension of the transaction timeline. The sale of the plant-located at Village Marihal, District Belagavi-has been postponed by an additional three months.
Timeline of Delays
The transaction has faced a series of rescheduling hurdles since its inception:
September 2025: The Company initially entered into an agreement to sell the plant for Rs. 19.50 crore, with an expected completion date of January 2026.
January 2026: An initial update was provided, postponing the sale by three months due to process delays.
May 2026: The latest disclosure indicates a further three-month postponement, as procedural requirements remain ongoing.
Asset Overview and Financial Context
The Marihal plant, established in 1995, spans 15.65 acres of freehold land. Originally designed to cater to the export market, the unit's performance has significantly declined over recent years. In a strategic shift in 2015-16, the company moved its specialized garmenting machinery to its Mills Division at Gokak Falls, leaving the Marihal site to operate primarily as a cutting and stitching facility.
Key Financial Impact:
Revenue Contribution: For FY 2024-25, the unit contributed Rs. 505.47 lakhs, representing approximately 5.17% of the company's total revenue.
Net Worth: The unit has been a financial strain, reporting a negative net worth of Rs. 4,115.21 lakhs as of March 31, 2025.
Valuation: While the plant was valued at Rs. 21.49 crore in May 2025, the agreed sale price with the buyer is Rs. 19.50 crore.
The plant is set to be acquired by M/s V. G. Parekh & Co., a real estate development and leasing firm based in Vijayapura, Karnataka. Gokak Textiles has confirmed that the buyer does not belong to the promoter or group companies, and the transaction is not classified as a related party deal.
Gokak Textiles continues to work toward finalizing the "process delays" to conclude the divestment, which is part of a broader effort to streamline its manufacturing operations and address underperforming assets.
Shares of GOKAK TEXTILES LTD. was last trading in BSE at Rs. 68.00 as compared to the previous close of Rs. 66.50. The total number of shares traded during the day was 4175 in over 13 trades.
The stock hit an intraday high of Rs. 68.00 and intraday low of 65.31. The net turnover during the day was Rs. 275518.00.
