Press Trust of India / New Delhi August 08, 2010, 14:31 IST
The country's largest sugar refiner Shree Renuka Sugars, which has bought majority stakes in two Brazilian firms since November last, is looking for more acquisitions there.
"Nothing immediate or firm," Shree Renuka Sugars Managing Director Narendra Murkumbi told PTI when asked whether the company is scouting for more acquisitions in Brazil, the world's largest sugar producing nation. Murkambi said the company is interested in acquisitions but nothing concrete has shaped up, as of now.
An additional buy in Brazil would help the Indian sugar refiner to further increase its presence and dominance in the world's two largest sugar consuming nations.
Since November last year, Shree Renuka Sugars have bought out two companies in Brazil with a cumulative cane crushing capacity of 13.6 million tonnes per annum.
On July 9, the company had announced the acquisition of a controlling 50.34 per cent stake in Equipav AA, a sugar and ethanol production company, for Rs 1,151 crore. Equipav AA has two mills with a combined cane crushing capacity of 10.5 million tonnes per annum and a huge sugarcane plantations facility in Sao Paulo. It also has a bagasse based power co-generation capacity of 203 MW.
In November 2009, Shree Renuka Sugars had acquired 100 per cent stake in Vale Do Ivai, a Brazilian sugar and ethanol production company, for $240 million. Vale Do Ivai has a combined cane crushing capacity of 3.1 million tonnes per annum in its two mills.
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