Glucose venture set up

Glucose venture set up

JAKARTA (JP): The publicly-listed PT Budi Acid Jaya announced yesterday that it has received approval from the Investment Coordinating Board to set up a US$18 million glucose and high fructose plant.

The new plant, to be called PT Associated British Budi, is a joint venture between Budi Acid and British Sugar Overseas Ltd., a subsidiary of the publicly-listed Associated British Foods.

The company said that Budi Acid will take a 50.1 percent stake in the new the venture and British Sugar the remaining 49.9 percent.

The new plant in Karawang, West Java, will have a production capacity of 50,000 tons per annum for both glucose and high fructose.

"We will start the plant construction soon and we expect the new plant to commence commercial production in early 1997," said Winarto, the chairman of Sungai Budi Group. (08)