The Hindu Business Line : Pioneer Embroideries to invest Rs 5 cr in 100 pc arm Hakoba

PIONEER Embroideries Ltd has informed the Bombay Stock Exchange that the company's board, at its meeting on January 29, has decided to invest Rs 5 crore in its wholly-owned subsidiary, Hakoba Lifestyle Ltd.

The board also decided to finalise a deal to acquire and relocate to India a South Korean embroidery plant. A total of 13 machines, with a combined capacity of 1 billion stitches, are being imported and set up at Pioneer's Naroli facilities. The cost of acquisition, relocation and installation will be Rs 22 crore.

For the quarter ended December 31, Pioneer's net profit rose 20 per cent to Rs 3.7 crore as against Rs 3.07 crore in the same quarter of the previous year.

Sales rose 17.5 per cent to 32.47 crore (Rs 27.63 crore). Other income rose to Rs 17.85 lakh (Rs 7.81 lakh).

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