Shree Renuka Sugars has decided to divest its Brazilian operations. The Board of Directors of the company at its meeting held April 06, 2018, approved the same.
The Board of Directors noted filing of a revised Judicial Recovery plan under the Bankruptcy Protection Code in Brazil for Renuka do Brasil, the main step-down subsidiary of Shree Renuka Sugars in that country. This plan involves the sale of one production unit (Sugar Mill) in due course subject to any necessary approvals and the other unit being kept closed with an option to the buyer of the first unit to purchase the same within 3 years.
Shree Renuka Sugars is a fully integrated player focused on manufacturing and marketing of sugar, power and ethanol.
