BusinessWire India
Bareilly (Uttar Pradesh) [India], June 19: Forever Global Enterprises Limited (FGEL) today announced the successful completion of its acquisition of the Meerganj unit of Dhampur Bio Organics Limited (NSE: DBOL) on a slump sale basis as a going concern, for a total consideration of INR 305 crores.
The acquired facility, located in the Bareilly district of Western Uttar Pradesh, comprises a 9,000 tonnes crushed per day (TCD) sugar mill along with a 23 MW cogeneration power plant. With this acquisition, FGEL assumes full operational control of the unit, marking its entry into the sugar manufacturing sector.
The overall project, with a total planned investment of INR 760 crores, includes the development of a 200 KLPD grain-based and 100 KLPD molasses-based distillery, along with bottling operations for country liquor and ready-to-drink beverages at the same site. The expansion has received environmental clearance, and development planning is currently underway. The project is expected to generate employment for over 1,000 people, positively impact more than 40,000 farmers, and contribute meaningfully to the regional economy of Western Uttar Pradesh.
FGEL is affiliated with Forever Distillery Private Limited (FDPL), which operates a 200 KLPD multi-feed distillery in Deoria, Eastern Uttar Pradesh. Backed by the promoters' operating experience in the alcohol sector, this acquisition represents a strategic step toward building an integrated sugar-to-spirits platform.
Strategic Rationale
This acquisition enables backward integration for FGEL's existing distillery operations with FDPL by bringing sugarcane procurement and processing onto the same platform. It also establishes the foundation for downstream expansion through planned distillery capacity and bottling operations at the Meerganj site, advancing the company's strategy of building a fully integrated sugar-to-spirits platform.
The acquisition marks FGEL's entry into Western Uttar Pradesh, one of India's most productive sugarcane regions. The Meerganj facility, with its 9,000 TCD capacity, is well-positioned to leverage this potential. In the most recent crushing season, the unit processed over 80 lakh quintals of cane with no outstanding dues to farmers.
FGEL aims to scale operations to over 1 crore quintals in the upcoming sugar season while maintaining timely farmer payments and strengthening cane development initiatives in the region. The promoters also met key farmers in the region on the day of completion, reiterating FGEL's focus on a partnership-led approach centred on trust and engagement with the farming community.
The facility's 23 MW cogeneration plant, supported by an existing power purchase agreement with UPPCL, provides stable supplementary revenue alongside core sugar operations.
Mr. Tanmay Modi, Managing Director and CEO of FGEL, said:
"This acquisition marks an important step in building our integrated sugar and spirits manufacturing platform. The Meerganj unit strengthens our presence in Western Uttar Pradesh and enables us to participate more directly across the value chain- from sugar production to distillery operations. Farmers remain central to this business, and we are committed to ensuring timely payments, strengthening cane development, and deepening engagement with the farming community. Sustainability is a key priority, and we will continue to enhance our operations to create long-term environmental and economic value. We are also grateful to the state and local administration for fostering an industry-friendly environment while supporting farmers in the region."
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