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Shree Renuka buys Brazilian Sugar Company for Rs 1,530 cr

Shree Renuka Sugars Ltd. | Sugar | Agriculture & Allied activities | BSE: 532670 | NSE: RENUKA

22 Feb 2010 Evaluate

Shree Renuka Sugars Limited (SRSL) has entered into a definitive agreement with Grupo Equipav of Brazil for an investment of USD 329 million (around Rs 1,530 crore) leading to a majority, controlling equity stake in Equipav S.A. ACUCAR, one of the largest sugar/ethanol companies in that country. It consists of two very large and modern sugar/ethanol mills with integrated co-generation facilities in Sao Paulo state in Southeast Brazil having a combined cane crushing capacity of 10.5 million tons of cane per annum (44,400tcd). In addition, it has a co-generation capacity of 203 MW. The mills will be expanded to a combined capacity of 12.0 million tonnes (56,600 tcd) per annum and 295 MW with a capital expenditure of $218 million. Cane supply comes from the cultivation of about 115,000 Ha of land of which nearly 2/3rd is farmed by the company with very high level of mechanization for both planting and harvesting. The mills have easy access to the main ports of Santos and Paranagua.

Shree Renuka Sugars will achieve (after closing adjustments) a majority stake of not less than 50.79%. The balance stake in the venture would be held by the founding Equipav group. Equipav had net debt of approximately R$1.5 billion (USD 822 million or Rs 3,821 crore) as on December 31, 2009. The investment will fund capital expenditure, pay down debt and increase working capital. The deal is subject to approval of an acceptable debt restructuring package by the lenders to the company and certain other conditions customary to such transactions. Closing is expected in 40 days.

In November 2009, SRSL announced the agreement to acquire 100% of Vale Do Ivai, a Brazilian sugar/ethanol production company. That acquisition included two sugar/ethanol production facilities in the state of Parana, with a combined cane crushing capacity of 3.1 million tons of cane per annum and a shareholding in logistic assets including terminals for storage and loading of sugar and ethanol at the port of Paranagua.

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Shree Renuka Sugar Share Price

27.30 0.02 (0.07%)

13-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
Shree Renuka Sugar	27.30
Bajaj Hindusthan Sug	18.06
Triveni Engg. & Inds	384.20
Balrampur Chini Mill	475.55
Dalmia Bharat Sugar	378.75
View more..

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Shree Renuka buys Brazilian Sugar Company for Rs 1,530 cr

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