Mitr Phol eyes major expansion

Thailand’s Mitr Phol Sugar Corporation expects to double its annual revenue to 100 billion baht (US$3.1 billion) within three years, boosted partly by a 20-billion baht (US$631.7 million) investment from 2012-13 to expand the group’s sugar and renewable energy operations, both at home and abroad. Krisda Monthienvichienchai, president and chief executive of the world’s fifth-largest sugar company, said revenue growth will come from increased production volume of sugar, while the biopower and ethanol businesses are also growing. Mitr Phol is in the process of acquiring the remaining stake of Queensland, Australia-based MSF Sugar for A$313 million (US$323 million). The acquisition will be completed in the first quarter. (January 6, 2012)