New Delhi: Shree Renuka Sugars, India’s largest refinery, is on the verge of finalizing an acquisition deal for Anamika Sugar Mills, an independent sugar factory located in Bulandshahr, Uttar Pradesh. The deal is valued at approximately Rs 200 crore, reported The Hindu Business Line.
As per news report, while Shree Renuka Sugars officials remained unavailable for comment, attempts to seek a response from Ashok Agarwal, a director at Anamika Sugar Mills, via email, yielded no response.
Industry experts in the sugar sector have observed that smaller mills in Uttar Pradesh are facing challenges in competing with their larger counterparts, which have undergone expansion and modernization. The larger companies have also diversified into distilleries, enhancing their overall profitability. This trend is expected to lead to more acquisitions of smaller mills by major players in the industry.
Anamika Sugar Mills, situated in Bulandshahr, has a sugarcane crushing capacity of 4,000 tonnes per day. Notably, it does not currently operate a distillery, leaving room for potential future expansion.
