SHREE RENUKA Sugars is looking to bet big on ethanol production and sees that as the big revenue earner for the company in future.Managing Dir . Narenendra Murkumbi said that the company would look at market demand and increase its ethanol capacity accordingly. The company would venture in to the marlet with a public issue that will open on October 7 and close on October 14.Shares of Rs 10 are being offered at a price band of Rs 250 to Rs 300 per share. Murkumbi said"We are keen to grow the capacity and are also investing in capacity and are also looking at acquisitions. There are many sugar mills and we are keen to operate them on lease."He added "We want to promote ethanol as the oxygenate of choice".The company wants to increase capacity in ethanol production as well as power generation.The company also imports raw sugar to produce sugar from it.The MD said, that the company is investing in cane crushing capacity,increasing it by 5,000 tonne per day at Munoli. Its doubling its distilling capacity at Munoli and is also setting up a new 15-mw co-gemneration plant and a new 120 kilo-litre distilling unit.
Posted On : 10/1/2005 2:09:24 PM