Shree Renuka concludes acquisition of Brazilian sugar firm

MUMBAI: Shree Renuka Sugars on Monday said that it has completed the acquisition of Brazil-based sugar and ethanol production company.

Pursuant to the above acquisition, Vale Do Ivai (VDI) has become a wholly owned subsidiary of the company, Shree Renuka Sugars said in a filing to the Bombay Stock Exchange (BSE).

The acquisition includes two sugar and ethanol production facilities located in the State of Parana in southern Brazil with a combined crushing capacity of 3.1 million tonne per annum.

Last year in November, the company has entered into an agreement to acquire VDI, having an enterprise value of $240 million.

Shares of Shree Renuka Sugars were trading at Rs 75 on the BSE, down 3.66 per cent from previous close.