Prudential Sugar Corporation Ltd

History of Prudential Sugar Corporation Ltd

Prudential Sugar Corporation Limited was initially incorporated on December 03, 1990 as a Public limited company as Sugantham Sugars Limited. The name of the Company was changed from Sugantham Sugars Limited to Prudential Mouli Sugars Limited in December, 1993 and was finally changed to Prudential Sugar Corporation Limited in 1997. The Company is a part of Prudential group of companies. The Company primarily manufactures white crystal sugar out of sugarcane. It is engaged in the manufacture of white crystal sugar. The other products namely molasses and bagasse are by-products and the same are sold by the Company to distilleries and co-gen power plants respectively. The company is having a fully integrated manufacturing unit at Chittoor in Andhra Pradesh with an installed capacity of 2,500 TCD. They are also having a facility for power co-generation. The company also exports sugar to many other countries and has achieved international standardization. In November 1994, the company came out with their initial public offering of 32 lakh equity shares, aggregating Rs 3.2 crore, and 25.86 lakh 16% PCDs of Rs 50, aggregating Rs 12.93 crore to part-finance the project for manufacturing white crystal sugar. The Company set up its first modern integrated Sugar Plant in 1994 to manufacture white Crystal Sugar near Village Nindra in Andhra Pradesh (India) with a capacity of 2500 TCD. During the year 2005-06, the company divested off the investment in their subsidiary com ...panies, namely Prudential Ammana Sugars Ltd and Prudential Tirumala Sugars Ltd, since the investment did not yielding any returns. In August 2014, the Company hived off its sugar business to Natems Sugar Private Limited and since then, the Company was out of sugar manufacturing business, and Natems Sugar Private Limited was made the owner of the Company in 2017. After the transfer of business and assets of the Company to Natems Sugars Private Limited in May, 2017, the Board of Directors of the Company proposed to embark upon a Bio-organic Jaggery manufacturing project with state-of the-art technology in Telangana state. Company acquired the Equity Shares in Prudential Ammana Sugars Limited, making it a 100% subsidiary of the Company in FY 2017-18.