Mumbai: Olam Agro India, the wholly owned subsidiary of Singapore headquartered Olam International on Saturday said that it has agreed to acquire 100 percent shareholding of Hemarus Industries Limited (HIL).
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 USD 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 Chetas Desai said.