Sayaji Industries exits joint venture with Sethness Products Company, USA
Deepthi | Myequity news | Date : 06-09-2018 14:00:00 IST
Sayaji Industries Limited announced today that it has completed the sale of 12,00,000 equity shares representing 40% stake in Sayaji Sethness Limited for an aggregate consideration of USD3.2 million.
The proceeds from the transaction are intended to be used for expansion and upgradation plans, and to strengthen company's balance sheet via reduction of debt. With the completion of the transaction, Roquette Group will be the ultimate owner of the company. Sayaji Industries previously announced this divesture in a circular to the exchange dated July 4, 2018.
Sayaji Sethness Limited began operations in 1993 as a joint venture between Sayaji Industries and Sethness Products Company, USA. As on date, Sayaji Sethness is the largest manufacturer of Liquid Caramel Color in India.
Mr. Devang Nanavati, Managing Partner, Ms. Ashani Shah, Senior Associate and Ms. Nishita Shah, Associate from Nanavati & Nanavati Advocates, Ahmedabad represented Sayaji Industries whereas Sethness Products Company was represented by Mr. Shuva Mandal, Managing Partner, and Mr. Soumitra Banerjee, Partner from Fox Mandal & Associates.About Sayaji Industries Limited :
Founded in 1941, Sayaji Industries Limited through its flagship unit Maize Products, is a pioneer in the corn wet milling business and is one of the largest exporters in the starch industry with the Export House Status granted by the Government of India. Since more than seven decades the Group is manufacturing and selling starches, its derivates and other by-products to blue chip MNCs and renowned local companies. The flagship unit caters to several industries including textile, food & beverage, paper, paint, pharmaceutical, and confectionery. The product range includes liquid glucose, dextrose monohydrate, dextrose anhydrous, sorbitol, maize oil, maize oil cake, maize gluten, and maize wet and dry bran. Sayaji Industries through its subsidiaries & affiliate companies is also involved in hybrid seeds, real estate, packaging solutions, and manufacturing of specialized functional ingredients such as gum arabic powder, tomato powder, fat/oil based powders and cheese powder. The Group has its offices at Ahmedabad, Mumbai, Delhi, Chennai, Kolkata and Dubai (UAE) with a robust network of agents pan India, Africa & the Middle East.