Shree Renuka Sugars to divest Brazilian

Crisis-hit Shree Renuka Sugars today said that its board has decided to divest the Brazilian operations of the company.

But the divestment of the Brazilian operations of the company is subject to any necessary approvals, Shree Renuka Sugars said in a BSE filing.

"The board of directors, at its meeting held today i.e. on 6th April, 2018, has decided that the Brazilian operations of the company would be divested in due course subject to any necessary approvals.," the company said in the filing.

The board noted filing of a revised Judicial Recovery plan under the Bankruptcy Protection Code in Brazil for Renuka do Brasil, the main step-down subsidiary of Shree Renuka Sugars Ltd in that country, it said.

"This plan involves the sale of one production unit (Sugar Mill) in due course subject to any necessary approvals and the other unit being kept closed with an option to the buyer of the first unit to purchase the same within three years," the filing said.