Shree Renuka Sugars eyes to grow its green energy portfolio
The Hindu
Since 2018, when Wilmar of Singapore acquired control of the debt-laden Shree Renuka Sugars from its erstwhile promoters, the company has increased ethanol production capacity from 570 kilolitre per day (KLPD) to 1,250 KLPD with an estimated investment of ₹850 crore
Wilmar Group company Shree Renuka Sugars Ltd. (SRSL) plans to raise the production of ethanol by 25% next year as part of its drive towards green energy, executive chairman Atul Chaturvedi said.
“In India the demand for ethanol is skyrocketing,” Mr. Chaturvedi said in an interview. “Ethanol will be taking India to carbon neutrality. We are currently selling 200 million litre of ethanol per annum to the government. This is significantly contributing to our revenue and this has also helped in cash flow. We will be increasing output by 25% in FY24,” he added.
Since 2018, when Wilmar of Singapore acquired control of the debt-laden Shree Renuka Sugars from its erstwhile promoters, the company has increased ethanol production capacity from 570 kilolitre per day (KLPD) to 1,250 KLPD with an estimated investment of ₹850 crore.
Mr Chaturvedi said the company would continue to keep evaluating expansion of ethanol portfolio, including acquisitions.
The company that was undergoing financial stress has turned around with capital infusion from Wilmar which now controls 62.4% of Shree Renuka’s shares.
“Revenue growth has been substantial and company has been on good path,“ Mr. Chaturvedi said.
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