Shree Renuka buys 87% stake in Gokak for Rs 69.3 cr

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New Delhi, Oct 20 (UNI) Shree Renuka Sugars Ltd, the country's leading sugar refiner, today said it has acquired 87 per cent stake in Karnataka-based Gokak Sugars Ltd for Rs 69.3 crore.

''The company has acquired 87 per cent shareholding in Gokak Sugars Ltd for a consideration of Rs 69.3 crore, which includes assumption of debt of Rs 65 crore,'' the company said in a statement.

Gokak Sugars, a 2,500 TCD sugar manufacturing unit, has a 14 MW co-generation power plant at Kolavi village in Belgaum in Karnataka.

Meanwhile, Karnataka government has awarded Shree Renuka a 30-year lease of Raibag Sahakari Sakhar Karkhana Niyamit, which has a sugar manufacturing capacity of 2,500 TCD.

UNI MP SG KN1621

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