The acquisition would enable the company to gain access to sugarcane catchment area with a significant reduction in lead time for setting up the plant in Uttar Pradesh and easy access to labour, the company has said
The objective of the acquisition of Anamika Sugars was to establish a presence in Uttar Pradesh, one of the largest sugar-producing states, and to cater to the markets of North and East India, the company said.
Adani Power soared over 40 per cent to Rs 148.3 in the previous week. Expectations of a revival in business activities led by lifting of restrictions has fuelled the counter. Also, there is a buzz that the company has cancelled its delisting plans.