ETH to invest $500 mln to raise Brazil cane output

* ETH needs twice the cane to match milling capacity

* Investments come after two seasons of cane undersupply

* Company aims for 3 bln liters of ethanol in two years

Brazilian ethanol producer ETH plans to invest 1 billion reais ($490 million) this year, most of which will go to planting more sugar cane to help alleviate a supply shortage, the Folha de Sao Paulo newspaper said on Tuesday.

The investment will help the company roughly double its cane output from that of two seasons ago by adding 115,000 hectares of cane on top of 100,000 hectares it planted last season, according to the report quoting ETH president Luiz de Mendonca.

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