Mawana Sugars has decided to sell its plant at Titawi in Muzaffarnagar district, Uttar Pradesh, to Indian Potash Ltd (IPL) for Rs 375 crore.
In a regulatory filing, Mawana Sugars said the board of directors has "agreed to sell one of the operating units of the company, Titawi Sugar Complex, situated at Titawi, district Muzaffarnagar, UP, as a going concern on an 'as is where is what is' basis to Indian Potash Ltd".
The agreement for sale has been entered into by these two companies today.
On consideration to be received from this sale, Mawana Sugars said: "Rs 375 crore inclusive of about Rs 150 crore to be paid to cane farmers of the unit for eliminating long standing overdues".
Disclaimer: No Business Standard Journalist was involved in creation of this content
