The Paracel company, which confirmed the largest private investment in the history of Paraguay at the end of 2020, expects to announce the incorporation of a new shareholder from Brazil between February and March.

A high-ranking source explained to Valor Agro that between February and March it is estimated that the official announcement of a "new major partner" that "will contribute a lot" to the cellulose industry that is going to be built in the department of Concepción will be made.

Brazilian players interested in joining Paraguay's forestry development are Suzano Papel E Celulose SA and Bracell Limited.

"The agreement with the new partner is very close to being announced," the source said.

At the same time, he pointed out that if an agreement is reached, the next step will be to announce the doubling of the number of hectares of eucalyptus to be planted in the country.

Currently, Paracel has more than 64 thousand hectares of its own land and 15 thousand hectares under the forest development promotion program.

The company's main shareholders are the Zapag Group and Girindus Investments of Sweden, which also has national minority shareholders.