Shree Renuka sets up ethanol subsidiary

Shree Renuka Sugars Ltd, the Karnataka based sugarcane processor, has formed a subsidiary company for setting up an integrated sugar and ethanol plant in Maharashtra, according to a statement issued by the company today.

The subsidiary company will be called SRSL Ethanol Ltd.

Earlier this year, the company had announced a Rs 560 cr expansion plan, which included setting up a sugar refinery at a cost of Rs 350 crore in Mundra SEZ in Gujarat and a 15 Mw cogeneration power plant at Havalga in Karnataka.

The company’s share price at the Bombay Stock Exchange is currently trading at Rs 62.65, 22.5% higher than the month ago close.