India Cements’ associate company Coromandel Sugars has hiked its stake in Ponni Sugars (Erode) to more than 9%. Coromandel Sugars, which holds a 6.74% in Ponni Sugars, has acquired an additional 2.62% over the last one month. This takes companies total holding to 9.36% that is 8.04 lakh shares.
Coromandel Sugars operates a sugar mill in Mandya District, Karnataka. It is investing over Rs 150 crore in expanding its sugar mill there. The mill with a capacity to crush 3,500 tonnes of sugarcane daily is being expanded to 5,000 tonnes. A 12-MW cogeneration plant is also being expanded to 30 MW.
Ponni Sugars is a part of the Esvin Group with a diversified presence in paper manufacturing, sugar industry and engineering consultancy. It has a 3,000-tonne sugar mill in Erode and is set to commission a 15-MW cogeneration plant.
