Indian Refiner Takes Brazil Sugar Stake

Feb 21, 2010

Indian refiner Shree Renuka Sugars is continuing its expansion into Brazil through the acquisition of a majority stake in sugar/ethanol producer Grupo Equipav for BRL600m. Shree Renuka said Sunday it is buying at least 50.79% of the company, which had net debt of approximately BRL1.5bn at the end of 2009. The investment will fund mill capacity expansion, pay down debt and increase working capital. According...

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