Dhampur Sugar Mills to acquire majority stake in NBFC

Dhampur Sugar Mills Limited (DSML) has approved the acquisition of 47,287,537 equity shares, representing a 51% stake, in Venus India Asset-Finance Private Limited ("Target"). The acquisition, valued at approximately $5,508,713 or ₹50,00,00,000, aims to broaden DSML’s revenue base and diversify beyond its core agribusiness operations into the financial services sector.

The Target, a non-deposit accepting non-banking financial institution (NBFC) registered with the Reserve Bank of India, specializes in providing short- and medium-term loans. For the financial year 2024-2025, the Target reported a net-worth of ₹228.18 crores, a turnover of ₹42.20 crores, and a profit after tax of ₹14.94 crores. The proposed transaction is subject to regulatory approvals, including from the Reserve Bank of India, particularly for the acquisition of over 26% share capital and a change in control.

Goel Investments Limited, a member of DSML's promoter group, will also increase its stake in the Target, acquiring an additional 24,819,192 equity shares, bringing its total holding to 45.01%. The transaction is expected to be completed within one year from October 28, 2025, pending the fulfillment of specified conditions precedent.