Shree Renuka Sugars to acquire 100% stake in Anamika Sugar Mills for Rs.346-Cr

Mumbai-headquartered, publicly listed Shree Renuka Sugars is to acquire 100% stake in Delhi-headquartered Anamika Sugar Mills Pvt Ltd for INR 345.5 crore. Shree Renuka will purchase 100% of the target company's equity shares for INR 235.5 Cr and make a primary infusion (for redemption of preference shares) worth INR 110 crore. The acquisition will enable Shree Renuka Sugars establish presence in Uttar Pradesh, a large sugar producing state, and to cater to the markets of North and East India. Anamika, incorporated in 2010, has a current crushing capacity of around 4,000 TCD. It had reported a turnover of INR 281.8 crore in FY21, INR 246.9 crore in FY22 and INR 294.5 crore in FY23.