In order to sell its non-core business, Shree Renuka Sugars (SRSL) has entered into a share sale agreement with a large Mauritius-based fund to sell its 5% remaining stake in the National Commodity and Derivatives Exchange (NCDEX). The company would get Rs 55 crore from this deal at an estimated enterprise value of Rs 1,100 crore for NCDEX. It is waiting for Securities and Exchange Board of India (Sebi) approval, which would allow the company to fully exit NCDEX.
Shree Renuka Sugars is a global agribusiness and bio-energy corporation. The company is one of the largest sugar producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar refiners in the world.
