Shree Renuka Sugars Limited paid $82 million for Vale do Ivaí S.A., picking up two sugar and ethanol production facilities, the Reuters news agency reports.
According to Recharge News, the acquisition is one of many taking place in Brazil’s ethanol sector as companies struggle to survive a drop in exports due to the current global economic crisis.
"It was a distressed asset," Shree Renuka CEO Narendra Murkumbi, told the CNBC-TV18 television news channel, referring to Vale Do Ivai.