EID Parry sells Alagawadi Bireshwar Sugars for Rs 1.7 crore

The non-operating subsidiary came along with acquisition of GMR Industries in 2010

Murugappa Group firm EID Parry (India) Ltd said that it has divested its entire shareholding of 1,02,222 equity shares of Rs 100 each in Alagawadi Bireshwar Sugars Pvt Ltd for Rs 1.70 crore.

The company was a wholly owned non-operating subsidiary of EID Parry. It was part of the GMR group earlier and was transfered to the Murugappa group firm following the latter acquired majority stake in GMR Industries, the agri-business entity of GMR Group in 2010.

However, the company was not operational and an Industrial Entrepreneur Memorandum (IEM) to develop a sugar factory in Raibag area was there. Considering the dull phase the Sugar industry is going through at present, the company has decided to sell the stake to a private party, said a senior official from the company.

 

The action will not make any loss to EID Parry, said the official.

When GMR Industries was acquired by EID Parry, the former had three fully integrated sugar complexes in Andhra Pradesh and Karnataka with a combined installed crushing capacity of 11,000 TCD, 46 MW of co-generation and 95 KLPD of distillery, according to an announcement by the company then.