Shree Renuka Sugars, India's largest sugar manufacturer on sale? Here's who may well buy it
Renuka Sugars had reportedly been reeling under debt due to falling domestic sugar prices and its aggressive expansion plans for South America. Recently, Wilmar had raised its stake in the firm to help bring down Renuka’s debt to Rs 2,364 crore, but the company has now decided to launch the open offer on 4 June, in the wake of the Competition Commission of India's nod for the acquisition of a strategic stake in Renuka, the report said. Wilmar's open offer will reportedly close on 15 June.
Renuka Sugars had reportedly been reeling under debt due to falling domestic sugar prices and its aggressive expansion plans for South America. Image source: Reuters