BP Bunge chairman becomes president of BP in Brazil
Sep 09, 2024 14:06 CESTSep 9, 2013 - India's Shree Renuka Sugars Ltd (BOM:532670) is said to be negotiating the sale of interests in its Brazilian biofuel assets to Associated British Foods Plc (LON:ABF) and Germany's Suedzucker AG (ETR:SZU).
Indian news portal LiveMint said Monday that according to two informants with knowledge of the deal, India’s largest raw sugar producer is eying no less than INR 20 billion (USD 307m/EUR 232m) from the sale of a stake in its Brazil business. Investment bankers value Renuka’s Brazilian operations at USD 1.5 billion (EUR 1.14bn), LiveMint added.
One of the sources told the portal that the company was ready to dispose of its plants in Brazil that make sugar and fuel from sugarcane waste, according to the report. The subsidiaries involved in that business are Renuka do Brasil S/A and Renuka Vale do Ivai S/A. LiveMint further quoted a Renuka spokesman as confirming that the company was looking for options, such as a spin-off or equity partnerships, to improve its Brazilian units’ capital structure. The company representative did not give any names.
Renuka has INR 84.77 billion of debt, the report said. An investment banker told LiveMint that Renuka would be ready to shed minority stakes in Brazil if the sale of the co-generation operation failed.
Both Suedzucker or ABF do not have any operations in Latin America.
(INR 100 = USD 1.533/EUR 1.162)
BP Bunge chairman becomes president of BP in Brazil
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