EID Parry acquires remaining stake in Parry Phytoremedies

Parry Phytoremedies, which is into tomato lycopene supplements production, has become 100% subsidiary of EID Parry

Murugappa Group firm EID Parry has acquired the remaining stake from the promoters of Parry Phytoremedies Ltd, a company based in Pune, to make it a 100% wholly owned subsidiary of the company.

According to information available, Parry Phytoremedies is into manufacturing of speciality ingredients, vitamin health supplements and tomato lycopene supplements for nutritional, food and pharmaceutical industry.

EID Parry today announced in Bombay Stock Exchange, that the company "has acquired 63,200 Equity Shares of Rs 100 each from erstwhile promoters in Parry Phytoremedies Private Limited, a Subsidiary of EID Parry. With this acquisition Parry Phytoremedies Private Limited has become a 100% subsidiary of the Company."

According to the annual report of the company for the year 2012-13, EID Parry had a shareholding of 62.78 per cent in the company. The revenue for the year was Rs 5.19 crore and during the year ended 31st March, 2013 the company made a loss

before tax of Rs 3.75 crore, it added.

According to earlier reports, the company has acquired 51% stake in Phytoremedies Biolabs Pvt Ltd in 2008.

It may be noted that the company has recently acquired Alimtec SA, a Chile based company of Bayer Group, for 1.9 million Euro, in order to ensure surety of raw material supply for its US subsidiary, US Nutraceuticals.