Pioneer Embroideries has sold the factory land and building/structure situated at Coimbatore unit at total consideration amounting to Rs 13 crore. The company shall use the sale proceeds towards greenfield embroidery facility at Shree Ganesh Textile Park, Degaon, Dhule, Maharashtra.
Earlier, the company had received board of directors approval for closure of company's labour Intensive Embroidery unit at Coimbatore with effect from July 31, 2022 and sale of Coimbatore unit assets.
Pioneer Embroideries (PEL) is one of the key players in the Embroidery & Laces in India and owners of brand 'HAKOBA'.
