Wilmar to invest in Indian sugar refiner

WILMAR International yesterday said that it is acquiring a stake in India's largest sugar refiner, confirming rumours that had been mounting for months.

The firm, which has made a big push into sugar in recent years, will be investing US$200 million in Shree Renuka Sugars through its fully-owned subsidiary Wilmar Sugar Holdings.

In a separate announcement, Wilmar said its fourth-quarter earnings fell 22.6 per cent to US$369.1 million, on flat revenue and a near-doubling of income tax expenses.