The board of directors of Shree Renuka Sugars Limited, country's biggest sugar refiner, has approved raising up to $200 million via local or overseas equity issue.

The board has also approved issuing 2 million warrants to promoters convertible into equity shares.

Further, the company has stated that it will set up a new 700,000 tons per annum sugar refinery at a cost of Rs 350 crore in the Mundra SEZ in Gujarat, which is expected to be commissioned by March 2010.

The new refinery will increase the company’s sugar refining capacity to 6000 tpd, which includes the 2,000 tpd refinery at Haldia and the refining capacity at two of its integrated sugar mills in Karnataka.

Further, Shree Renuka Sugars also plans to increase the crushing capacity at its plant in Athani, Karnataka by 2,000 tcd to 8,000 tcd and at Havalga, Karnataka from 4,000 tcd to 8,000 tcd. The additional capacity would be available from January 2009.

Recently, SRSL has acquired Ratnaprabha Sugars Ltd, having 1,250 tcd sugar plant and a 30 KL/day distillery for Rs 23.75 crore.