In India, sugar mill operator Bajaj Hindusthan is looking to raise $147 million with a 35 million share flotation. The shares are discounted 12 percent to the most recent closing price.
The move follows a $105 million capital raise by Shree Renuka Sugars raised $105 million and more than 30 investors joined in the round, with demand split between Asia, Europe and India.
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Joelle Brink | Jul 1, 2009 | Reply
It’s a safe bet for them because the Indian national oil companies are the market for ethanol and the government is committed to E20 by 2017. There are some advantages to government control of an industry.
Also, Bihar state, where the mills are located, had earlier raised foreign investment to increase cane and ethanol production and provide rural power generation from waste heat and bagasse.
Lastly, Praj Industries is prominent in Europe and East Asia where Shree Renuka Sugars raised much of its $105 million investment. Praj Industries chairman Pramod Chaudhary chairs the biofuels committee of the Confederation of Indian Industry.