India’s largest sugar refiner Shree Renuka Sugars said Friday that it is considering additional investments in Brazil. Shree Renuka Sugars already owns majority stakes in two Brazilian firms that it acquired last year November. The Indian sugar producer said it would be acquiring more investments to bolster its existing two and increase its presence and business in Latin America’s biggest economy, Brazil.

Narendra Murkambi, Shree Renuka Sugars’ managing director was quoted saying that even though the firm was mulling additional Brazilian investments, there is not any firm or immediate considerations as it is currently. Brazil is the biggest global producer of sugar and the company’s move for more investments is targeted at increasing its dominance and presence in the region and globally. The managing director further added that Shree Renuka was keen on acquisitions but nothing tangible is on the offing.

According to Murkambi, additional acquisitions in Brazil are crucial in enabling the company to further increase its offering, presence and business in Brazil and India, considered two of the world’s biggest sugar consuming nations. In 2009 November, the Indian sugar producing major acquired two Brazilian firms with a total cane crushing capacity of 13.6 tonnes yearly. Early last month, Shree Renuka reported the acquisition of a 50.34% controlling stake in Equipav AA, the Brazilian sugar and ethanol producing company for an investment worth Rs 1,151 crore.

In that acquisition, Shree Renuka bought into Equipav AA that has mills with a cumulative cane crushing capacity of 10.5 million tonnes yearly and a mega sugarcane plantations facility in Sao Paolo state, Brazil. Further more; Equipav AA also owns a bagasse based power co-generation capacity pegged at 203 MW.

It had acquired another Brazilian firm, Vale Do Ivai, for an estimated $240 million in November 2009. Vale Do Ivai is a Brazilian producer of sugar and ethanol with a cumulative cane crushing capacity of 3.1 million tonnes yearly from its two mills. Its acquisition was a 100% takeover. Shree Renuka Sugars is India’s largest sugar refiner and ethanol producer with refining capacity of 4000 tonnes per day and distillery capacity of 600 Kilo liter per day. It has 21% market share in India’s fuel ethanol market and accounts for 20% of India’s international sugar trade.

Shree Renuka Sugars is India’s most integrated sugar producer with double the asset utilization rate of that of its industry peers. It has expanded in fuel ethanol and power production using its by-products, molasses and bagasse.