Sakthi Sugars executes agreement to sell sugar and distillery units in Odisha for Rs 134 crore

28 Jun 2022 , 02:47 PM

Sakthi Sugars Ltd has executed a Business Transfer Agreement (BTA) for sale of Sugar and Distillery Units in Dhenkanal, Orissa State to Indian Potash Limited, Seethakathi Business Centre, Chennai (Purchaser) on a going concern on an ‘AS IS WHERE IS WHAT IS’ basis by way of a slump sale and specifically include the Assets, Liabilities and the Agreed Liabilities, except contingent Assets and contingent Liabilities, for a consideration of Rs134.10 crores.

As per the filing, the Purchaser will participate in the management and operations of the Dhenkanal Units immediately on the execution of the BTA.

Further, the effective date of the Business Transfer Agreement is July 01, 2022 and the closing date of the transaction, after fulfilling the conditions precedent to closing, will be prior to September 30, 2022.

At around 2:27 PM, Sakthi Sugars was trading flat at Rs16.50 per share on the BSE.