Shree Renuka acquires Brazilian firm for Rs 380 cr | business | Hindustan Times
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Shree Renuka acquires Brazilian firm for Rs 380 cr

business Updated: Nov 11, 2009 23:26 IST
HT Correspondent
HT Correspondent
Hindustan Times
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India’s biggest sugar refiner Shree Renuka Sugars Ltd has entered into definitive agreements for the acquisition of Vale Do Ivai SA Acucar E Alcool (VDI), a Brazilian sugar and ethanol production company.

The enterprise value of VDI is $ 240 million (Rs 1,100 crore) and SRSL would acquire 100 per cent of the equity capital of VDI for $82 million (Rs 380 crore) and the balance is the assumed debt, which is to be repaid over eight years, the company said in a communication to the stock exchanges.

The acquisition includes two sugar and ethanol production facilities with cane crushing capacity of 3.1 million tonnes per annum. VDI holds strategic stakes in several logistics assets including terminals for storage and loading of sugar and ethanol at the port of Paranagua.

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