Shree Renuka set to buy UP-based Anamika Sugar Mills at ₹200 cr
Shree Renuka Sugars, India’s largest refinery promoted by Singapore-based Wilmar Sugar Holdings with over 62 per cent share, has nearly finalised a deal to buy Anamika Sugar Mills, a standalone factory in Bulandshahr, Uttar Pradesh, at about Rs 200 crore.
While Shree Renuka Sugars officials were not available for comment, an email to Ashok Agarwal, a director at Anamika Sugar Mills, did not elicit a reply either.
Sugar industry officials said small mills in Uttar Pradesh were unable to compete against large companies that have expanded and modernised, adding distilleries for added profitability. More small mills are likely to be acquired by bigger players, they added.
Anamika Sugar Mills has a factory in Bulandshahr with sugarcane crushing capacity of 4,000 tonnes per day. It does not have any distillery, leaving scope for expansion, sources said.
Shree Renuka Sugars has seven sugar mills in India with total crushing capacity of 35,000 tonnes of cane per day (TCD) and two port-based sugar refineries in Gujarat and West Bengal with total capacity of 1.7 million tonnes per annum (MTPA). It also manufactures fuel-grade ethanol for blending with petrol and its distillery has a combined capacity of 930 kilo litre per day (KLPD) both from molasses and rectified spirit.
Last week, India Glycols completed the sale of its subsidiary Shakumbari Sugar and Allied Industries, a sugar factory in Saharanpur district of Uttar Pradesh, bordering Uttarakhand. Two Delhi-based firms, Faith Mercantile and RK and D Investment, and Mumbai-based Meir Commodities India have purchased the closed plant at Rs 90.28 crore, according to exchange filing.
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