Mawana Sugars has agreed to sell one of the operating units of the company ‘Titawi Sugar Complex (TSC)’ situated at Titawi, Muzaffarnagar district in state of Uttar Pradesh as a going concern on an ‘As is Where is What is’ basis to Indian Potash. The company has received the Board of Directors approval for the same. The above is however subject to all statutory and other necessary approvals, including shareholders’ approval.
This step has been taken to liquidate huge cane arrears seriously effecting the fortunes of the entire company. The sale of this unit will put the rest of the company on the path of financial health.
Mawana Sugars has been engaged in the business of manufacture and selling of chemicals, sugar and edible oils.
