Sayaji Industries Limited has completed the sale of 12,00,000 equity shares representing 40% stake in Sayaji Sethness Limited for an aggregate consideration of USD 3.2 million.

The proceeds from the transaction is intended to be used for expansion and upgradation plans, and to strengthen company's balance sheet via reduction of debt. Sayaji Sethness Limited began operations in 1993 as a joint venture between Sayaji Industries and Sethness Products Company, USA. As on date, Sayaji Sethness is the largest manufacturer of Liquid Caramel Color in India.

With the completion of the transaction, Roquette Group will be the ultimate owner of the company.