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

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