Business Daily from THE HINDU group of publications
Saturday, Jul 28, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Jul 28, 2007 ePaper |
|
|
|
|
|
|
|
Agri-Biz & Commodities
-
Financial Performance Corporate Results - Sugar Corporate - Mergers & Acquisitions Renuka Sugars buys two cos
Our Bureau Mumbai, July 27 Shree Renuka Sugars Ltd has drawn up Rs 273 crore investment plan to grow its business. The company has acquired the Pune-based KBK Chem-Engineering, which is into ethanol engineering, procurement and construction company, for Rs 35 crore. KBK Engineering also undertakes turnkey projects for setting up erection and commissioning of ethanol plants. It has a turnover of Rs 85 crore of which 45 per cent comes from overseas projects. Renuka Sugars has also bought a 100 klpd (kilio litres per day) distillery from Dhanuka PetroChem in Khopoli, Maharashtra for Rs 6 crore. The distillery can produce ethanol from alcohol. The company will also be doubling its ethanol capacity from 450 klpd to 900 klpd in next two years with an investment of Rs 105 crore. It is also raising co-generation capacity at Havalaon plant in Karnataka from 25 MW to 129 MW at a cost of Rs 90 crore. “We will be raising $100 million through FCCB (foreign currency convertible bonds) for funding our expansion. We are also looking at acquisition abroad,” said Mr Narendra Murkumbi, Managing Director, Shree Renuka Sugars. Net up at Rs 36 cr
Renuka Sugars’ net profit increased marginally to Rs 36.7 crore in the quarter ended June 30, 2007 against Rs 34.5 crore in the comparative quarter last year. Net sales dropped 25.27 per cent to Rs 255 crore from Rs 341 crore due to lower price realisation. However, it has posted Rs 218 crore as other income. It has made a notional gain of Rs 12 crore on its forex loans due to rupee appreciation against dollar.
More Stories on : Financial Performance | Sugar | Mergers & Acquisitions
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|