India's biggest sugar refiner Shree Renuka Sugars Ltd has signed a definitive agreement for a 51 percent stake in Brazil's Equipav SA Acucar e Alcool for $329 million. The Brazilian firm, which holds the sugar and alcohol assets of Equipav Group, owns two large sugar mills with integrated co-generation facilities, in southeastern Brazil. The sugar mills have a combined annual cane-crushing capacity of 10.5 million tonnes, co-generation capacity of 203 MW and 115000 hectares of cane growing land..The Indian firm will expand the co-generation capacity to 295 MW and cane-crushing capacity to 12 million tonnes annually with additional capital expenditure.
In November 2009, Renuka had acquired sugar and ethanol producer Vale Do Ivai S.A. Acucar E Alcool for $240 million.
With these Brazilian acquisitions, Renuka has become the third biggest sugar company in the world, the number one sugar firm in India and among the top five in Brazil.
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