Shree Renuka Sugars is planning to set up a $220 million sugar refinery complex at Hambantota in the south. In this regard, the company has entered into an agreement with Sri Lanka’s state investment arm, Board of Investment (BOI). The planned project will bring inedible raw sugar from Brazil in bulk and add value locally by refining it in the complex.
Further, the project would result in foreign exchange savings of nearly $450 million for the country and will also create some 300 direct employment opportunities for locals and indirect employment for nearly 1,500 people.
Shree Renuka Sugars is one of the largest private sector sugar manufacturers in the country, promoted by first generation entrepreneurs, viz. Murkumbi family. In India, the company has its refinery in the East and West coast and Hambantota is strategically well located to get logistics leverage for its operations.
