India's Shree Renuka Sugars Acquires Brazilian Producer Vale do Ivai

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Researched by Industrial Info Resources (Sugar Land, Texas)--Shree Renuka Sugars Limited (Mumbai, India) announced the acquisition of Vale do Ivai Acucar e Alcool S.A. (Parana, Brazil) for $82 million. The Indian company will take control of Vale do Ivai in January 2010.

The transaction included both of Vale do Ivai's facilities: the first in Marialva, which is in the state of Parana, and another in Sao Pedro do Ivai. The latter has a cane-crushing capacity of 2.3 million tons, a sugar output of 12,500 tons and an ethanol production of about 62 million litres per year. Marialva's sugar plant has a cane-crushing capacity of 700,000 tons and an ethanol production of 60 million litres per year.

The main purpose of the acquisition is to guarantee the income sugar for Shree Renuka's refineries in Haldia (West Bengal, India) and Mundra (Gujarat, India), which is expected to be operational next year.

India is currently the world's largest sugar consumer and has increased its consumption after some seasons of poor raw sugar production. With this purchase, Shree Renuka Sugars ensures its raw material for their refineries and facilities, and enters the Brazilian Sugar Market.

Shree Renuka Sugars has six Sugar Plants in India: Munoli, Athani, Havalgah, Ratnaprablha Sugars, Gokak Sugars and Haldia Refinery. Its total cane crush capacity is 13,050 tons per day.

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