Shree Renuka Sugars has moved up after buying a controlling stake in a Brazilian sugar firm. The stock is trading at Rs 181, stronger by Rs 1 or 0.7%, on the BSE. The shares had opened at Rs 185 and have touched a high of Rs 187 and a low of Rs 180 thus far.
The company has signed an agreement with the Brazilian conglomerate Grupo Equipav to buy a 50.79 per cent in Equipav S A ACUCAR e ALCOOL (Equipav) for Rs 1,530 crore ($329 million). Equipav is among Brazil’s largest sugar and ethanol manufacturers.
The deal is the largest by a domestic sugar producer and places Shree Renuka Sugars among the top three sugar players globally.
