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Eike Batista’S Strategic Return: Investing In ‘Supercane’ For Agricultural Innovation
(MENAFN- The Rio Times) Former Brazilian billionaire Eike Batista once claimed the title of the seventh richest man globally, as per Forbes. His fortune dwindled after his oil company, OGX, failed spectacularly.
Undeterred, Batista now eyes the agritech sector, where he spearheads the innovative "supercane" project. Launched in 2010, with Batista joining in 2015, "cana celulose" promises a breakthrough in sugarcane productivity.
This superior variety could potentially triple the current average yield to about 180 tons per hectare. Research investments have reached approximately R$330 million (around $60.55 million) to date.
Batista's path has been marred by significant legal troubles. He received a 30-year prison sentence for corruption and money laundering.
These charges stemmed from a $16.5 million bribery involving Rio's former governor, Sérgio Cabral. Furthermore, he faced 28 years for financial crimes, resulting in asset freezes and a damaged reputation.
Despite these challenges, the decline of OGX did not break his spirit. The company's stock plunged from a high of R$23.27 to just R$0.13. In 2017, OGX rebranded to Dommo Energia and eventually delisted from the B3 in 2022.
Now, Batista's focus on agribusiness represents more than a personal revival. It marks a strategic shift to a promising growth area.
His involvement in developing "supercane" showcases his ongoing ambition and emphasizes sustainable agricultural advancements.
Through this project aimed at transforming sugar and biofuel production, Batista seeks to reestablish his status among the world's business elite. This effort proves that his knack for business can still yield substantial success.
Undeterred, Batista now eyes the agritech sector, where he spearheads the innovative "supercane" project. Launched in 2010, with Batista joining in 2015, "cana celulose" promises a breakthrough in sugarcane productivity.
This superior variety could potentially triple the current average yield to about 180 tons per hectare. Research investments have reached approximately R$330 million (around $60.55 million) to date.
Batista's path has been marred by significant legal troubles. He received a 30-year prison sentence for corruption and money laundering.
These charges stemmed from a $16.5 million bribery involving Rio's former governor, Sérgio Cabral. Furthermore, he faced 28 years for financial crimes, resulting in asset freezes and a damaged reputation.
Despite these challenges, the decline of OGX did not break his spirit. The company's stock plunged from a high of R$23.27 to just R$0.13. In 2017, OGX rebranded to Dommo Energia and eventually delisted from the B3 in 2022.
Now, Batista's focus on agribusiness represents more than a personal revival. It marks a strategic shift to a promising growth area.
His involvement in developing "supercane" showcases his ongoing ambition and emphasizes sustainable agricultural advancements.
Through this project aimed at transforming sugar and biofuel production, Batista seeks to reestablish his status among the world's business elite. This effort proves that his knack for business can still yield substantial success.
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