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India Cements’ arm Coromandel Sugars hike stake in Ponni Sugars

08 May 2012 Evaluate

India Cements’ associate company Coromandel Sugars has hiked its stake in Ponni Sugars (Erode) to more than 9%. Coromandel Sugars, which holds a 6.74% in Ponni Sugars, has acquired an additional 2.62% over the last one month. This takes companies total holding to 9.36% that is 8.04 lakh shares.

Coromandel Sugars operates a sugar mill in Mandya District, Karnataka. It is investing over Rs 150 crore in expanding its sugar mill there. The mill with a capacity to crush 3,500 tonnes of sugarcane daily is being expanded to 5,000 tonnes. A 12-MW cogeneration plant is also being expanded to 30 MW.

Ponni Sugars is a part of the Esvin Group with a diversified presence in paper manufacturing, sugar industry and engineering consultancy. It has a 3,000-tonne sugar mill in Erode and is set to commission a 15-MW cogeneration plant.

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Company Name CMP
Ultratech Cement 11887.30
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ACC 1431.85
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