Shree Renuka sells its carbon credits

Mumbai, 28th August, 2006:

Shree Renuka Sugars Ltd has entered into an agreement with a large European utility company for the sale of about 11,500 CERs (Certified Emission Reductions) from their Munoli Project in Karnataka. The sale of the CERs was done through Agrinergy Ltd.

The Munoli Unit was the first Bagasse cogeneration plant in the world to be registered as a clean development mechanism (CDM) project with the United Nations Framework for Climate Change Convention (UNFCCC).

Shree Renuka Sugars is a fully integrated company focused on the manufacturing and marketing of sugar, power and ethanol. For the 9 Months ended 30th June 2006, the Company posted a total consolidated Income of Rs.803.40 crore and Net Profit of Rs.100.76 crore.

Agrinergy is a CDM consultancy firm established in the UK with offices in India, Indonesia and Thailand.