EID Parry India, part of the Murugappa Group, and Cargill International S.A. have announced plans to set up a joint venture for a port-based, stand-alone sugar refinery in Kakinada, Andhra Pradesh.According to a release issued by EID to the BSE today, the refinery will be the largest in South Asia with an ultimate capacity to produce one million tonne of refined sugar per year.The investment is expected to be Rs 325 crore, and the plant is expected to be commissioned by December 2007."The refinery will be a processing operation, importing the entire raw material, raw sugar, adding value by refining it, and exporting its production. It will have an integrated co-generation system to take care of its steam and power requirements. The company will hold 51% and Cargill 49% in the joint venture, which is being structured as an export oriented unit (EOU) or located in a special economic zone (SEZ)," the release added.
