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India's largest sugar refiner Shree Renuka Sugars is renegotiating the price of its proposed 15.30 billion rupees acquisition of Brazilian sugar and ethanol maker Equipav, The Economic Times said on Tuesday.Senior officials of the company could not be immediately reached for comment.Shree Renuka has differences over the amount of debt on Equipav's books and it is seeking significant reduction in the $700 million debt of the Brazilian firm, people close to the development told the paper."Talks are at an advanced stage and we would not be able to share more details at this point of time. The discussions are likely to end over the next four to five days," a senior official from Shree Renuka Sugar said.If the terms are not acceptable, the Shree Renuka management may choose to call off the transaction with Brazil's seventh largest sugar refiner, the paper said.In February this year, Shree Renuka had announced its intention to acquire a 51 percent stake in Equipav for $329 million. It had also decided to assume debt of nearly $700 million, the paper said.(Reporting by Ketan Bondre;Editing by Harish Nambiar)(For more business news on Reuters Money visit http://www.reutersmoney.in)
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