Anil Group announces restructuring of its businesses

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Ahmedabad, Sept 3:  

Announcing a major restructuring and realignment of businesses at the Rs 1,000-crore Anil Group, the food-and-agri major said on Tuesday the initiative would consolidate the different synergistic businesses and add value and higher returns to its stakeholders.

The Board of Directors of Anil Ltd, the Rs 700 crore flagship company of the Group listed on the BSE, approved the restructuring on Monday. The process is expected to be completed by the end of this financial year after all the requisite approvals from shareholders, regulators, creditors, the High Court of Gujarat and other agencies concerned are obtained, Amol Sheth, Chairman and Managing Director, said in a statement here.

As per the restructuring plan, the Group’s existing corn wet milling (CWM) and bio-industrials business of Anil Bioplus Ltd (ABL) will now come under Anil Lifesciences Ltd, which will also get listed on the BSE subsequently. Anil Infraplus Ltd will be merged into Anil Ltd and Anil Technoplus Ltd, a subsidiary of Anil Infraplus Ltd, will become a subsidiary of Anil Ltd after this re-alignment.

Sheth said the proposed realignment will bring synergies between similar businesses thereby putting them on an accelerated growth path. KPMG was engaged to undertake this exercise of realignment and restructuring.