Simbhaoli Sugars gets nod to hive off the power business

Simbhaoli Sugars gets nod to hive off the power business of the company to an SPV, Simbhaoli Power, to enhance the power generation capacities at all three complexes as part of business restructuring with lenders and approval of the shareholders of the company.

Further, the company has also received approval to acquire, by way of subscription, purchase or otherwise the securities of any other body corporate and to give guarantees/provide securities in consideration of proposed hiving-off of power and alcohol businesses upto Rs 300 crore, subject to approval of the shareholders. The company has received an approval at its board meeting held on July 15, 2011 where the members have transacted and approved it.

Simbhaoli Sugars has three sugar plants (Simbhaoli and Brijnathpur, Western UP and Chilwaria, Eastern UP) with a combined, crushing capacity of 20,100 TCD. It is capable of producing a wide range of world-class sugars i.e. white crystal refined sugar, pharmaceutical grade sugar, EU grade sugar (foe exports), superfine sugars, sugar cubes and candy sugar.