Sidharth Shriram-promoted Siel Ltd has sold its 5,000-tcd (tonnes crushed per day) Titawi sugar complex in Uttar Pradesh to Sir Shadi Lal Enterprises Ltd. The transaction is worth Rs 56.50 crore, in addition to the market value of the working capital.
Subject to approvals of shareholders and financial institutions, the transaction is expected to be completed by May when the sugarcane crushing season comes to an end. Lazard India brokered the deal on behalf of Siel.
Sir Shadi Lal Enterprises owns Shamli Sugar Mill, adjacent to the Titawi complex. Its capacity is also 5,000 tcd. The company is a listed one.
