Renuka Sugars may pay Rs 1000-1100cr for Equipav
Renuka Sugars may pay Rs 1,000-1,100 crore for Equipav versus Rs 1,530 crore earlier, reports CNBC-TV18, quoting sources. The deal could be called off if Equipav does not agree.
On February 21, the Karnataka-based sugar firm agreed to buy 51% in Equipav for USD 329 million. It nudged out Hong Kong’s Noble Group in the race to buy the stake.
Renuka said is not looking to raise its stake in Equipav. Other players like Noble are already in talks with Equipav.
A debt restructuring decision is likely this week. When contacted, Shree Renuka Management was not available for comments.
