Indian Refiner Takes Brazil Sugar Stake

Indian Refiner Takes Brazil Sugar Stake

M&A

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 to the buyer, Equipav consists of 2 large and modern sugar/ethanol mills with integrated

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