Shree Renuka completes acquisition of Ethanol plant

Shree Renuka Sugars Ltd has announced that the Company has completed the acquisition of the Ethanol plant of Dhanuka Petro-Chem a division of Dhanuka Cold Storage Pvt Ltd located at Khopoli, Maharashtra for a total consideration of appx. Rs 60 Million. The said unit is having an installed capacity for manufacture of 100 klpd of Ethanol and is strategically located near JNPT port. The Company has plans to increase the ethanol capacity of this unit from 100 klpd to 250 klpd, in the near future.

The Company has set up a wholly owned subsidiary viz. Shree Renuka Biofuels Holdings FZE in Sharjah International Free Zone (SAIF Zone) for its overseas investments.

The Stock closed the day at Rs.464.10, up by Rs.1.60 or 0.35%. The stock hit an intraday high of Rs.471.70 and low of Rs.463.25. The total traded quantity was 3111 compared to 2 week average of 86473.

Source : Equity Bulls

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