INDIA: Tea company buys sugar mill
Published: 03/22/2010, 8:42:05 AM
Jay Shree Tea & Industries Ltd said on Monday it is looking to acquire 100% ownership in a Bihar sugar firm, M.P.Chini Industries Ltd, for INR1.13 billion (US$24.45 million), according to Reuters.
The firm said it will fund the acquisition through a mix of internal accruals and debt and will begin the acquisition process in six weeks.
The sugar firm has crushing capacity of 4,600 tonnes per day and has a power generation capacity of 6MW for captive use, it said in a statement to the exchange.