Shree Renuka Sugars completes expansion of sugar plant, ethanol plant at Munoli

Shree Renuka Sugars Ltd has announced that the Board of Directors of the Company at its meeting held on December 28, 2006, has approved the issue of 6,00,00,000 9% Cumulative Redeemable Preference shares of Rs 10/- each with a tenure of 3 years, aggregating to Rs 60 Crores, on private placement basis.

- The Company announce:

a. The completion of expansion at its sugar plant at Munoli, The Munoli Plant will now he crushing 7500 tcd (tons of cane per day).
b. The expansion of ethanol plant to 120 klpd (kilo litres per day) at Munoli.
c. Commissioning of Greenfield mill of 4000 tcd (tons of cane per day) at Havalga in Karnataka.

- The Company has signed a contract to supply 5.4 million litres of ethanol, per year to the Oil Marketing Companies (IOC, HPCL, BPCL) for state of Goa for a period of three years. This is 100% of the total tendered quantity. The Company is awaiting the results of final negotiation with the Oil Marketing Companies for supply of ethanol in Karnataka, Andhra Pradesh and Kerala.

- The Company announces the completion of acquisition of 23 MW Cogen Plant from Sarita Sugars Ltd (erstwhile Gayatri Sugars Ltd) for a total consideration of Rs 40 Crores. This power plant will be commissioned in the current financial year.

Source : Equity Bulls

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