Balrampur Chini acquires 53.96 pc in Indo Gulf Industries

KOLKATA: Balrampur Chini Mills Ltd on Friday said it has acquired 53.96 per cent of Indo Gulf Industries Ltd after settlement of shares under dispute representing six per cent of IGIL.

In 2006, city-based Saraogis of Balrampur Chini Mills Ltd (BCML) picked up a 27.54 per cent controlling stake in New Delhi-based Indo Gulf Industries Ltd, belonging to the S K Garg group.

The Saraogis bought the shares (27.54 per cent) alongwith the company's liability of Rs 50 crore at a consideration of Rs 1.61 crore.

BCML has six sugar factories located in eastern UP having an aggregate crushing capacity of 55500 tonne per day.

The company has just completed a Rs 400 crore expansion in setting up a sugar plant with a crushing capacity 8000 tonne daily at Mankapur in Gonda district with 34 MW power generation facility.

Of the generation 22 MW would be sold to the state power grid throughout the year.

The company is also setting up a 100 KLPD distillery and 20000 tonne bio-compost facility at Mankapur.