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Mawana Sugars to sell 49% stake of Siel Industrial Estate

13 Sep 2012 Evaluate

Mawana Sugars has received an approval to sell 49% stake of its wholly owned subsidiary - Siel Industrial Estate to another wholly owned subsidiary Siel Infrastructure and Estate Developers for Rs 135.02 crore. The board at its meeting held on September 13, 2012 has approved for the same.

Besides, this consideration is being discharged by issuing of equity share of Siel Infrastructure and Estate Developers to the company.

Mawana Sugars has been engaged in the business of manufacture and selling of chemicals, sugar and edible oils. The company has at present two sugar divisions / units / undertakings viz. at Mawana Sugar Works (MSW) at Mawana, dist. Meerut and Titawi Sugar Complex (TSC) at Titawi, dist. Muzaffarnagar, both in Uttar Pradesh. Both the units are engaged in the business of manufacture and sale of sugar.

Mawana Sugars Share Price

104.34 2.96 (2.92%)
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