J Sagar, ALMT advise on sweet deal

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Simbhaoli Sugars has entered into a joint venture agreement with ED&F Man Holdings, a global commodities trading group, to set up a greenfield raw sugar refinery in Gujarat. The refinery, which will produce 1,000 tonnes of sugar per day, will be built through Simbhaoli and ED&F’s joint venture company, Uniworld Sugars.

J Sagar Associates advised Simbhaoli Sugars on the deal. The team comprised managing partner Jyoti Sagar, partner Rohitashwa Prasad, senior associate Abhishek Shinde and associate Purab Saini. ALMT Legal advised ED&F.

Simbhaoli will hold a 57.5% stake, while ED&F will take 42.5%. The project will be financed through long-term loans and promoter equity and is expected to cost ₹2.28 billion (US$50 million).

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