Piccadily Agro to Demerge Sugar Business

Piccadily Agro Industries Ltd, known for its award-winning Indri single malt whisky, is splitting its business.

The company, which started as a sugar mill, will separate its sugar business into a new company called Piccadily Food & Essential Limited (PFEL).

The main company, PAIL, will focus on its successful spirits business.

This split is expected to make both businesses more valuable by allowing them to be evaluated separately.

The sugar business has been struggling with low margins, while the spirits business is growing quickly and has won many international awards.

The demerger is expected to be completed in nine to fifteen months.