Breaking News

You are here » Indian-Commodity  :  Corporate  :  Balrampur Chini inks pact with Ganesh Explosives to sell entire stake in IGLL


Balrampur Chini inks pact with Ganesh Explosives to sell entire stake in IGLL

Balrampur Chini Mills has signed an agreement with Ganesh Explosives to sell its entire 53.96 per cent stake in its subsidiary Indo Gulf Industries (IGLL). After the completion of the sale, the IGLL will cease to be a subsidiary of Balrampur Chini Mills.

As per the agreement, the company will sell its entire 51,62.470 equity shares, comprising 53.96 per cent stake in IGLL, for Rs 20,64,988. The turnover of IGLL in the previous financial year was nil, but its net worth as on March 31, 2016 was Rs 12,14,846. Ganesh Explosives is engaged in manufacturing of high explosives as well as black gun powder.

Balrampur Chini has 11 sugar factories in Uttar Pradesh, and has an aggregate crushing capacity of 79,000 tonnes per day. It also has three distilleries.

Balrampur Chini is one of the largest integrated sugar manufacturers in India. Its business portfolio consists of manufacturing and marketing of sugar, ethyl alcohol, ethanol, generation and selling of power and also manufacturing and marketing of organic manure.

Related News

View all news

Tata Power's arm launches residential rooftop solution in Hyderabad

Tata Power Company's wholly-owned subsidiary -- Tata Power Solar has launched a complete residential rooftop solution in Hyderabad. The residential rooftop solutions are expected to save up to Rs 50,000......

Reliance Home Finance gets nod to raise Rs 2,500 crore via NCDs

Reliance Home Finance has received approval to raise an amount upto Rs 2,500 crore by way of a public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of face value Rs 1,000 each in one or......

Nestle reports 10% rise in Q4 net profit

Nestle India has reported results for fourth quarter ended December 31, 2018.The company has reported 9.60% rise in its net profit at Rs 341.76 crore for the quarter under review as compared to Rs 311.83......

Top News

View all news

Kridhan Infra's arm bags order worth $36 Million

Kridhan Infra's (KIL) Singapore subsidiary -- KH Foges has bagged a new order in Singapore worth $36 Million (Rs 187 Crore). The subsidiary has been contracted to execute Piling Works & Earthworks......

Bharti Airtel upgrades 4G network in Mumbai

Bharti Airtel has upgraded 4G network in Mumbai, with the deployment of 'LTE 900 technology' that will enhance indoor network coverage and improve network experience for customers.With the roll-out of......

Refex Industries to raise Rs 25 crore via Rights Issue

Refex Industries has received approval to raise of funds by way of offer and issue of Equity Shares to the Members of the Company on Rights Issue at such price and rights entitlement ratio for an amount......