New Delhi, Mar 31 (PTI) Mawana Sugars on Wednesday said it has completed the transfer of its unit Siel Chemical Complex to Bodal Chemicals for a consideration of Rs 137 crore.

The Gurugram-based sugar company, in a regulatory filing, said it had entered into an agreement on February 9 this year for transfer of its chemical unit located in Punjab to Ahmedabad-based Bodal Chemicals.

"The business transfer agreement (BTA), dated February 9, 2021, has been completed today (Wednesday) and the closure of BTA has occurred," Mawana Sugars said.

Accordingly, the chemical business of Mawana Sugars stands "fully transferred" to Bodal Chemical Ltd with effect from March 31, 2021, it said.

The chemical business was sold to Bodal Chemicals for a consideration of Rs 137 crore on 'as is where is basis' by way of slum sale, it added.

Mawana Sugars in its sale agreement had said it was selling its chemical unit in order to liquidate huge cane arrears/term debt affecting the fortunes of the company.

"The sale of this unit will ensure long-term financial stability to the company," it said. There would not be any change in the shareholding of Mawana Sugars consequent to this sale, it added. HRS hrs

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