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It added that it had some discussions with Bajaj Hindusthan on future business strategies.

Kolkata-based Balrampur Chini Mills has said in a statement to the Bombay Stock Exchange that its promoters have not signed any deal to sell their stake to Bajaj Hindusthan Ltd. "The promoters of Balrampur Chini Mills Ltd. have not entered into any agreement with any party for sale of their stake in Balrampur Chini Mills Ltd," said the statement. It added that it had some discussions with Bajaj Hindusthan on future business strategies.

Reports last week had stated that Bajaj Hindusthan, India’s number one sugar producer, is close to acquiring the promoters’ stake in Balrampur Chini for between Rs 1,700-2,400 crore. Others like US-based BUNGE, Singapore-based Olam International and Tata & Lyle were also said to be in the race.