Renuka Sugars in talks to buy stake in Balrampur Chini
ET: Shree Renuka Sugars on Tuesday said it is in talks with Balrampur Chini Mills to acquire promoters’ stake in the country’s second largest sugar firm.
While Renuka Sugars is yet to offer any price, discussions between the two firms have started a month back. “The talks are very much at a preliminary stage at the moment,” company’s Chief Financial Officer K K Kumbhat told media when asked whether the company was in talks to acquire Balrampur Chini Mills.
“As of now, we have not given any price quote. Our talks have not reached to this level,” he added.
When contacted Balrampur Chini Managing Director Vivek Saraogi said: “I don’t want to comment on market speculation.”
In October, reports had said Balrampur Chini promoters were in talks to sell their total holding of 36.67 per cent to Bajaj Hindusthan. The Kolkata-based company, however, denied the reports.
Tags: renuka sugar news, renuka sugar to buy stake in balrampur, Renuka Sugars buy Balrampur Chini
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