Textile slump mutes debt-laden Sumeet Industries appeal for suitors

Bids for the debt-laden textile company Sumeet Industries have been weaker than lenders’ expectations as high input costs and weak demand in the industry have kept large bidders away. Banks received bids ranging from ₹90 crore to ₹150 crore indicating a recovery of just 22%, much lower than the ₹250 crore or 40% recovery expected.

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