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Triveni Engineering and Industries Ltd. acquires additional 36.34% stake in Sir Shadi Lal Enterprises Limited

2024-07-22 06:03:13 Business


Noida, June 21, 2024: Triveni Engineering & Industries Ltd. (\'Triveni\'/ \'Company\'), one of the largest integrated sugar producers in the country, a leading player in engineered-to-order high speed gears & gearboxes and water and wastewater management business, today announced acquiring additional 36.34% stake in Sir Shadi Lal Enterprises Limited (SSEL).

Pursuant to a Share Purchase Agreement executed with Mr Rajat Lal / Mr Rahul Lal / Ms Poonam Lal (Second Promoter Group) on June 20, 2024, the Company has on the same day acquired 36.34% for an aggregate consideration of ₹ 44.83 crore, i.e. at a price of INR 235 per equity share of SSEL.

Upon the completion of the transaction, Triveni\'s stake in SSEL stands at 61.77% and SSEL has now become a subsidiary of the Company.

Triveni is currently awaiting approval from the Securities and Exchange Board of India (SEBI) for an Open offer for acquisition of up to 26% of the Voting Share Capital of Sir Shadi Lal Enterprises from its Shareholders.

Commenting on the transaction, Mr Tarun Sawhney, Vice Chairman & Managing Director, said that \"The acquisition of stake in Sir Shadi Lal Enterprises is a strategic milestone for Triveni Engineering and Industries Limited. This will further add value to Triveni\'s Sugar & Alcohol businesses and solidify the Company\'s position as one of the largest integrated sugar and alcohol producers in the country. With SSEL\'s proximity to two of our largest sugar units, we believe this transaction will lead to operational and logistical synergies and improved efficiencies which will benefit both the companies and key stakeholders including the farmer community.\"

About Triveni Engineering & Industries Limited

Triveni Engineering & Industries Limited (TEIL) is a diversified industrial conglomerate having core competencies in the areas of sugar, alcohol, power transmission and water. The Company holds the position of one of India\'s largest integrated sugar manufacturers and one of the largest ethanol manufacturers, while making significant contributions in Power Transmission and in Water & Wastewater treatment solutions. TEIL currently has seven sugar mills in operation at Khatauli, Deoband, Sabitgarh, (all in western Uttar Pradesh), Chandanpur, Rani Nangal and Milak Narayanpur (all in central Uttar Pradesh) and Ramkola (eastern Uttar Pradesh). The Company has state-of-the-art distilleries spread across Muzaffarnagar (MZN) – 2 facilities, Sabitgarh (SBT), Milak Narayanpur (MNP) and recently commissioned Rani Nangal (RNG) in Uttar Pradesh aggregating to 860 KLPD. These facilities have the capability to produce Ethanol, Extra Neutral Alcohol (ENA), Rectified Spirit (RS) and Denatured Spirit (SDS). While the Company\'s Power Transmission (Gears) manufacturing facility is located at Mysuru, the Water & Wastewater treatment business is located at Noida. The Company currently operates 6 co-generation power plants located across five sugar units, with 104.5 MW grid connected co-generation capacity.

About Sir Shadi Lal Enterprises Limited

Sir Shadi Lal Enterprises Limited. (BSE:532879) is engaged in the business of manufacturing of sugar ethanol/alcohol with two manufacturing units in Uttar Pradesh.

User :- Tanu​​​​ Soni


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