Mawana Sugar to cut debt by business rejig, land sale

Mawana Sugars is looking to reduce debt on its books by restructuring its business and monetizing part of its land holding in the North India, said two people close to the development on the condition of anonymity.

The sugar company which has been reeling under a debt burden of Rs 470 cr has already appointed merchant bankers to advise them on restructuring their business.

One of the options considered by the management is of monetizing the 500 acres of land it holds across Delhi, UP and Punjab, said the one of sources mentioned above. The company also has presence in chemical, edible oil and consulting verticals and might explore the option of exiting one or more of theses businesses.

When contacted, the management of Mawana Sugars declined to comment on the restructuring plans.

The stock of Mawana Sugars hit the upper circuit of 20% after ET NOW broke the story.