Siva hunts for ethanol plant in US, LatAm

MUMBAI: Serial entrepreneur C Sivasankaran’s next big bet is ethanol. After exiting from coffee retail business - he owned the Fresh & Honest and the Barista chains — Siva is scouting for an ethanol asset.

Siva is eyeing assets in the US midwest and in South America, where old ethanol-making plants are being dusted up and new ones being set up hurriedly. They are all trying to squeeze out the biofuel from corn. If he succeeds in acquiring an asset in ethanol, it will add to his portfolio of renewable energy business, sources said.

A year ago, his Sterling Group, through a Mauritius-based outfit Avis Ventures Ltd acquired a 40% stake in Finnish wind turbine manufacturer WinwinD Oy in a deal with 22 million euros.

WinwinD, with a turnover of 16 million euros supplies 1 and 3 MW wind turbines based on low-speed technology. It is said to have an order book position worth 75 million euros currently. Sterling has selected US consulting engineering firm Harris Group Inc of Seattle, US, to provide engineering services for corn to ethanol technologies and designs, wheat and/or rice straw to ethanol technologies and their commercial feasibility.

The group will use its outfits in Malaysia to manufacture the ethanol-making plants.

Siva, who resides these days at Willingdon Mews, the ultra chic residential apartments of the Indian Hotels Company, was not available for comment.