Shree Renuka Sugars, the largest refinery in India, primarily owned by Singapore’s Wilmar Sugar Holdings with a majority stake of over 62%, is on the verge of concluding an agreement to acquire Anamika Sugar Mills. This standalone factory is located in Bulandshahr, Uttar Pradesh, and the transaction is estimated to be valued at approximately INR 200 crore.
Although Shree Renuka Sugars officials were unavailable for comment, an email sent to Ashok Agarwal, a director at Anamika Sugar Mills, did not yield a response either.
According to industry experts in the sugar sector, smaller mills in Uttar Pradesh are finding it challenging to compete with larger corporations that have expanded and upgraded their operations. Many of these bigger companies have also diversified into distilleries, enhancing their overall profitability. Consequently, it is anticipated that more small mills may be absorbed by larger players in the industry.
Anamika Sugar Mills operates a facility in Bulandshahr with a daily sugarcane crushing capacity of 4,000 tonnes. Notably, the company currently lacks a distillery, indicating potential opportunities for expansion, according to insider sources.
Shree Renuka Sugars operates seven sugar mills across India, boasting a collective sugarcane crushing capacity of 35,000 tonnes per day (TCD). Additionally, the company possesses two port-based sugar refineries located in Gujarat and West Bengal, with a combined annual capacity of 1.7 million tonnes (MTPA). Furthermore, Shree Renuka Sugars is involved in the production of fuel-grade ethanol for blending with petrol, facilitated by its distillery, which has a total capacity of 930 kilo litres per day (KLPD), sourcing inputs from both molasses and rectified spirit.
Last week, India Glycols finalized the sale of its subsidiary, Shakumbari Sugar and Allied Industries, located in the Saharanpur district of Uttar Pradesh, near the Uttarakhand border. This transaction saw the closed plant being acquired by two Delhi-based firms, Faith Mercantile and RK and D Investment, as well as Mumbai-based Meir Commodities India, for a total sum of INR 90.28 crore, as per an official exchange filing.
