The Competition Commission of India (CCI) has cleared Singapore-based Wilmar Sugar Holdings’ proposed plan to purchase shares in Renuka Sugars, stating that the deal will not have an adverse impact on competition in India. Under the proposed deal, Wilmar would purchase shares of Renuka Sugars, a domestic firm, pursuant to a preferential allotment and a consequential open offer to the shareholders.
Shree Renuka Sugars operates 11 sugar mills in India and Brazil with a total crushing capacity of 20.7 million tonnes per annum and two port-based refineries with sugar production capacity of 1.7 million tonnes per year.
