Indian sugar manufacturer EID Parry is to acquire a majority equity stake in GMR Industries, the agri-business entity of the GMR Group.
EID Parry, a subsidiary of the Chennai-based Murugappa Group, will acquire a 51% stake in GMR Industries for INR57 (US$1.28) per share, making it the majority shareholder in the company, the firm said today (26 April).
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The transaction is in line with GMR Group’s overall strategy to divest its non-core assets and focus on its infrastructure and energy business’ going forward, EID Parry said in a statement.
A Vellayan, chairman of EID Parry, said: “This acquisition strengthens our position as one of the leading sugar companies in India and increases the number of integrated complexes. It thus provides EID Parry a platform to tap the sugar markets other than southern India.”
