India’s biggest sugar refiner, city based Shree Renuka Sugars is in the race to acquire a majority stake in Brazil’s Equipav Group for an estimated $300 million (Rs 14 billion).
If successful, this would be Renuka Sugar’s second acquisition in Brazil.
The company has submitted bids for the sugar and alcohol assets of Equipav Group along with other global players.
In November 2009, Renuka Sugars had bought Brazil based sugar and ethanol producer Vale Do Iva (VDI) for $82 million.
Renuka Sugars, primarily a refiner, operates eight sugar mills, five owned and three leased, in Karnataka and Maharashtra. The company’s shares on the BSE closed at Rs 233.45, up 0.89% from last close.