Singapore commodities firm Olam International (OLAM.SI) said on Wednesday it had agreed to buy India’s Hemarus Industries for US$73.8 million ($88.8 million).
When completed, the deal will give Olam a sugar milling facility with a capacity of 3,500 tons crush per day (TCD) as well as a 20 megawatt co-generation facility.
Olam plans to invest a further US$6.6 million ($7.9 million) to increase the sugar milling capacity to 5,000 TCD.
“This acquisition is another step forward in our plans to build a configuration of sugar milling assets in large sugar-producing countries that have a comparative cost advantage,” Olam’s president for the sugar business Devashish Chaubey said in a statement.
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