India’s biggest sugar refiner, city based Shree Renuka Sugars recently acquired a majority stake in Brazil’s Equipav Group for an estimated $300 million (Rs 14 billion) and now the company has been renamed Renuka do Brasil.
In November 2009, Renuka Sugars had bought Brazil based sugar and ethanol producer Vale Do Iva (VDI) for $82 million.
With these two Shree Renuka Sugars became the biggest Indian investor in Brazil.
Renuka Sugars has seen a transition from an earthy, farmer-owned company named after the local goddess to a swinging multinational with half its assets located abroad.
Chairperson Vidya Murkumbi has still kept the registered office at Belgaum where the legacy all began. She has never been to Brazil, but SRS has reached this peak with her sons vision, Narendra Murkumb, vice-chaiman & managing director of the company.
Narendra is known as the man of hurry, but he always manages to scout for great acquisitions and adding value to his shareholders. With seven manufacturing units in the country, SRS is the biggest sugar refiner.