Shree Renuka Sugars Ltd. or SRSL, has finalised an agreement with Grupo Equipav of Brazil to acquire at least a 50.79 majortiy stake in Equipav S.A. Açúcar e Alcool (Equipav).
The operations is estimated at 600 million Brazilian reais (USD $329 million), and follows the one Shree Renuka completed last November with the acquisition of Vale do Ivai.
According to Internet reports, Equipav owns two modern sugar and ethanol mills with co-generation facilities in Sao Paulo state, with a combined crushing capacity of 10.5 million tons of cane per year (44,400 tcd), and a co-generation capacity of 203 MW. After the acquisition, a new investment of 218 million reais will increase the combined capacity to 12 million tonnes of cane per year and cogeneration of 295 MW. Cane supplies come from about 115,000 hectares, with about 66 percent of them cultivated by the company. The mills have easy access to the main ports of Santos and Paranagua.
See also: India – Brazil: Renuka Sugars Acquires Brazilian Company