Food and agri enterprise Anil Group today said it has undertaken a major restructuring initiative to bring value addition for all related businesses.
"We have undertaken a restructuring exercise under which different businesses will be brought under the Group's flagship and listed entity Anil Ltd," a company statement said here.
According to the plan which is to be completed by the end of the current fiscal, the corn wet milling business of Anil Ltd and the bio-industrial business of Anil Bioplus will be brought into Anil Lifesciences, which already has the corn wet milling operations at Chhindwara in Madhya Pradesh under it.
Anil Nutrients, a promoter-held company, will be converted into a 100 per cent subsidiary of Anil Ltd.
The feeds business of Anil Ltd will be brought into Anil Nutrients Ltd, which also has an oil seed processing and feed business, the release said.
Speaking about the re-organisation plan, Anil Group Chairman & MD Amol Sheth said, "The proposed realignment will bring synergies between similar businesses thereby putting them on an accelerated growth path. This exercise will also bring value addition for all the related businesses and the stakeholders."
He added, "We will leverage the strength of R&D and fermentation technology to get into a wide range of high value-added starch products, bio-industrial products, feeds and agri-nutrients. We want to create avenues for each business to stand and grow on its own might."
The re-alignment of the group's businesses is expected to be completed by the end of this financial year after all the requisite approvals are received from shareholders, regulators, creditors of the companies, Gujarat High Court and other agencies concerned, the statement added.
