Mawana Sugars looks to restructure biz, attract investors

Mawana Sugars on Wednesday said it will engage experts and merchant bankers to explore business reorganisation so as to attract domestic and global investors.

The decision was taken at the meeting of the board of directors on Wednesday, Mawana Sugars said in a regulatory filing.

The board has decided that an expert agency/investment banker/ merchant banker with strong relevant experience and wide reach be engaged to explore and evaluate the prospects of reorganising the different business verticals of the company, it said.

Mawana Sugars said it intends is to attract domestic and international investors or interested parties to unlock and realise the maximum value for the assets of the company and suitably reward the shareholders.

The company has three subsidiary companies -- Siel Financial Services Ltd, Siel Industrial Estate Ltd (Siel IE) and Siel Infrastructure and Estate Developers Pvt Ltd.

Siel Financial is a listed company which has not been doing any business since the last 17 years. Siel Infrastructure and Estate Developers is a subsidiary company which was created for assisting in the development of Siel IE.

It also has an associate company Mawana Foods Pvt Ltd (MFPL), which is an established player in the retail business of sugar, edible oils and soap and has a wide distribution network.