Renuka Brazil to settle 30% of ₹4,301-crore debt

Renuka do Brasil, the Brazilian subsidiary of Shree Renuka Sugars, has reached a deal with creditors to pay 30 per cent of its debt of ₹4,301 crore (Brazilian Real 2,063 million) and interest till a final settlement is made. The company, which owns two sugar mills with 295 MW cogeneration capacity and cane plantations in Sao Paulo, filed for bankruptcy protection last September. The deal does not cover the ₹300 crore owed to staff and cane and other suppliers, the company said. Narendra Murkumbi, MD, Shree Renuka, said there is good demand for the plant and the reserve price has been set at BRL 700 million (₹1,420 crore). The sale of the unit will halve the company’s debt of ₹9,104 crore, he added.