Wilmar expanded into the sugar business in 2010 through the acquisition of Sucrogen Limited (known today as Wilmar Sugar) in Australia – one of the world’s largest sugar companies, and PT Jawamanis Rafinasi – a leading sugar refiner in Indonesia. In 2011, Wilmar went on to acquire PT Duta Sugar International, one of eight licenced sugar refineries in Indonesia. In the same year, through Sucrogen, we added Proserpine Mill, fifth largest sugar mill in Australia to its sugar business.
In April 2013, Wilmar acquired a 27.5% stake in Cosumar S.A. and in February 2015 raised it to 29.5%. Based in Casablanca, Consumar is the sole sugar producing company in Morocco and the third largest sugar producer and the second largest refiner in the African continent. Cosumar operates a refinery in Casablanca and seven beet and cane sugar mills in Morocco.
In February 2014, the Group became a strategic industrial partner of Mumbai-based Shree Renuka Sugars Limited (SRSL), the leading sugar company in India through the acquisition of a 27.72% stake. SRSL’s business comprises seven mills with a total cane crushing capacity of 5.5 million MT per annum; two port-based refineries, one each in Kandla and Haldia, with a combined capacity of 1.7 million MT per annum, a cogeneration capacity of 584 MW, as well as the sugar brand, Madhur. In March 2018, SRSL completed a debt restructuring exercise. As part of that exercise, the Group invested an additional US$120 million in SRSL, thereby increasing its stake from about 27% to 39%.
In April 2014, the Group established a 55:45 joint venture with Great Wall Food Stuff Industry Company Limited, the leading sugar company in Myanmar. The joint venture operates two sugar mills, a bioethanol plant and an organic compound fertiliser plant.