New Delhi : Ballarpur Industries on Friday said it has signed an agreement to sell its Malaysian unit Sabah Forest Industries to Pelangi Prestasi for $310 million (Rs 2,011 crore), the company said.
As per the agreement signed on April 4, Pelangi Prestasi has already deposited 10 per cent of the total consideration in cash, Ballarpur Industries said. The buyer is a part of Albukhary Group of companies, Malaysia, promoted by Syed Mokhtar Albukhary, who has a net worth of $1.70 billion, it added. “The buyer has deposited 10 per cent of the consideration in cash. The agreement is subject to necessary corporate and regulatory approvals, including appropriate court orders of the High Court of Sabah & Sarawak, Malaysia,” it added.
Shree Renuka Sugars to divest Brazilian ops
New Delhi: Shree Renuka Sugars said that its board has decided to divest the Brazilian operations of the firm. But the divestment of the Brazilian operations of the company is subject to any necessary approvals, the firm said. “The board has decided that the Brazilian operations of the company would be divested in due course subject to any necessary approvals,” it said. The board noted filing of a revised Judicial Recovery plan under the Bankruptcy Protection Code in Brazil for Renuka do Brasil.
