Shree Renuka Sugars on Tuesday said it has entered into an agreement to acquire a 100 per cent stake in Anamika Sugar Mills for INR 235.5 crore.
Renuka Sugars is one of the leading sugar firms in the country.
In a regulatory filing, it was disclosed by Shree Renuka Sugars that they have officially entered into a binding agreement, known as the Share Purchase Agreement, dated September 26, 2023, with Anamika Sugar Mills Pvt Ltd for the acquisition of the entire 100 percent equity stake in Anamika.
The company aims to establish a footprint in Uttar Pradesh, a significant sugar-producing state, with the goal of serving the markets in the northern and eastern regions of India.
“Acquisition of Anamika would enable the Company to gain access to existing sugarcane catchment area with a significant reduction in lead time for setting up the plant in Uttar Pradesh and easy access to skilled/unskilled labour,” it added.
The company has indicated that it is considering the possibility of expanding and modernizing the plant.
Anamika is poised to become a fully owned subsidiary of the company.
Shree Renuka Sugars said it will acquire “100 per cent equity (for) – INR 235.5 crore (5,00,48,589 equity shares at INR 47.05 per share)”.
The current crushing capacity of Anamika is around 4,000 tonnes per day.
