Agri Business

Olam Agro acquires Hemarus Inds for Rs 340 cr

PTI Mumbai | Updated on September 03, 2011

Olam Agro India, the wholly owned subsidiary of Singapore headquartered Olam International on Saturday said that it has agreed to acquire 100 per cent shareholding of Hemarus Industries Limited.

Olam will acquire Kohlapur-based Hemarus Industries’ 3,500 tonnes crush per day sugar milling facility, a 20 MW co-generation plant and accompanying assets in India for a total purchase consideration of Rs 340 crore, a company statement said here.

Olam International is a leading global integrated supply chain manager and processor of agricultural products and food ingredients, sourcing 20 products with a direct presence in 65 countries and supplying them to over 11,600 customers.

The company enjoys global leadership position in many of its businesses, including cocoa, coffee, cashew, sesame, rice, cotton and wood products. It is listed on the SGX-ST and currently ranks among the top 40 largest listed companies in Singapore in terms of market capitalisation with a market cap of $5 billion.

Ambit Corporate Finance was the advisor to Olam for the transaction. The acquisition is in line with Olam’s aspirations to build sugar milling assets in large sugar producing countries.

This acquisition will take them a step forward in India, Ambit Managing Director Mr Chetas Desai said.

Published on September 03, 2011

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like