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Sayaji Industries has completed the sale of 12 lakh equity shares, representing 40 per cent stake, in Sayaji Sethness for an aggregate consideration of $3.2 million. The proceeds from the transaction will be used to fund the expansion and upgradation plans, and to strengthen the company’s balance sheet through reduction of debt. Sayaji Sethness began operations in 1993 as a joint venture between Sayaji Industries and Sethness Products Company, US. As on date, Sayaji Sethness is the largest manufacturer of liquid caramel colour in India. With the completion of the transaction, Roquette Group will be the ultimate owner of the company. Shares of BSE-listed Sayaji Industries closed 1.92 per cent higher at ₹600 on the BSE.
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