Shree Renuka Sugars To Divest Brazilian Operations
2018-04-06 Disinvestment Food Processing & Beverages International
Shree Renuka Sugars Limited has informed that the board of directors of the company at its meeting has decided that the Brazilian operations of the company would be divested in due course subject to any necessary approvals. 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 Limited 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.