Balrampur Chini has called off the deal it was looking to enter into with Bajaj Hindusthan after initial talks. In a communication to the stock exchanges, Balrampur Chini said “some discussions were held with Bajaj Hindusthan on future business strategies”. It said the promoters had not entered into any agreement with any party for sale of their stake.
In a separate communication, carefully-worded, Bajaj Hindusthan clarified that “till date, the Board of Directors of the Company has not considered and/or taken any decision in regard to the matter relating to acquisition of stake in Balrampur Chini from its existing promoters”, as reported by a section of media.
However, Bajaj Hindusthan gained 0.15 per cent to close at Rs 196.55. Last week, various media reports said the Shishir Bajaj-promoted Bajaj Hindusthan, the country largest sugar producer, is in talks with its nearest competitor, Balrampur Chini Mills, to acquire the entire 36.67 per cent stake of the current promoters, the Kolkata-based Saraogis.