It has been reported that Singapore based Wilmar International has been looking forward to buy a major stake in the India’s largest sugar refining company – Sree Renuka Sugars.
Reports indicate that the Singapore based Palm oil major Wilmar is mulling to invest a sum of 145 million USD which gives a significant stake for it in Sree Renuka Sugars.
Earlier during the month, Sree Renuka Sugars had come out with dismal numbers for the third quarter. The company had posted a net loss of Rs. 19.39 crore in the third quarter, largely owing to lowered income & sales.
Apart from its seven sugar mills located in India, Renuka Sugars has a global presence with a total crushing capacity of 20.7 million tonnes per annum from eleven mills worldwide.
Wilmar is expected to complete the stake buying deal in several rounds.
However the stocks of Renuka Sugars have seen beating in the markets. The stock saw a decline of 6.5% as it traded at Rs.20.95 per share.