Ethanol companies in Brazil have been filing for bankruptcy and making deals with creditors to stay afloat amidst the global economic crisis and a steep drop in exports. As a result, companies like the US’s Bunge and France’s Louis Dreyfus have been snapping up cheap plants for the past year.

Shree Renuka, an Indian sugar and ethanol company, will acquire two production facilities in the state of Paraná and stakes in storage terminals at the port of Paranagua. The company is also assuming debts of $240m, which is to be repaid over eight years.

This is the Indian company’s first entry into the Latin American nation, which is a leader in ethanol and sugar production. It is the largest exporter of sugar-cane ethanol in the world.

Motilal Oswal Investment Advisors was the strategic advisor to Shree Renuka, which plans to grow and expand its production base in Brazil to enhance its competitiveness in the global sugar business.