Chennai :

V.V. Mineral, a mineral exporter, has acquired Dhanalakshmi Srinivasan Sugars, an integrated sugar mill complex for an undisclosed sum.

The operating sugar mill commissioned in 2010 in Perambalur, Tamil Nadu, was set up with an investment of over Rs 350 crore with a capacity to crush 3,500 tonnes sugarcane daily, a 23-MW cogeneration unit and plans for a 60-kilolitre a day distillery.

Senior executives in the previous management and the new team, who did not want to be quoted, confirmed the deal was finalised early this month.

Dhanalakshmi Srinivasan group operates a chain of educational institutions including schools, arts and science colleges, engineering, medical, nursing and polytechnics.

V.V. Mineral, based in South Tamil Nadu, is among the world’s largest exporters of Garnet and Ilmenite.

A senior executive said the new management plans to concentrate on sugarcane development to strengthen raw material security.

source: http://www.thehindubusinessline.com / Business Line / Home> Companies / by R. Balaji / Chennai – July 16th, 2013