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MUMBAI, July 24 | Thu Jul 24, 2008 9:50am IST

MUMBAI, July 24 (Reuters) - Shree Renuka Sugars Ltd (SRES.BO) said late on Wednesday it will invest 255.5 million rupees to acquire two companies and will hold a board meeting on July 31 to consider fund-raising options.

The sugarmaker plans to buy a sugar mill in Maharashtra with a capacity to crush 1,250 tonnes sugarcane and also has a 30-kilolitre-per-day distillery, the company said in a statement.

Shree Renuka also plans to buy Godavari Biofuel, which has a license to produce ethanol from alcohol. The company will use Godavari's 4.8 acres land to build ethanol storage tanks due to its proximity to the Mumbai port, it said.

(Reporting by Swati Pandey; Editing by Ramya Venugopal)

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