Dollex To Acquire Maharashtra Coop Sugar Unit

Kolkata: Dollex Industries, a listed sugar, ethanol, industrial alcohol and liquor player, is poised to acquire assets of a sick Maharashtra cooperative sugar unit. The Maharashtra Commissioner of Sugar has informed the company that it has turned out to be the highest bidder for the mill, lying idle for around four years. The assets are capable of crushing 1,250 tonnes of cane per day and may be ready for operation before this October crushing season. Dollex had bid to buy the sick co-operative sugar unit - Kalamber Vibhag SSK Ltd - located in Nanded, Maharashtra. The acquisition is valued at Rs 25 crore and the company mulls to invest an additional Rs 10 crore in upgrading the capacity to 3,500 TCD within a year's time. It has also planned to add 1 lakh kilo litre of ethanol capacity, and 30 MW of co-generation of power using cane waste. The total expenditure could be Rs 50 crore. Amongst 24 bidders for the unit were Renuka Sugar, KM Sugar and Dhampur Sugar.