Eid Parry To Up Stake In Godavari Fertilisers

Chennai-based EID Parry (India) Ltd is expected to increase its stake in the joint sector venture Godavari Fertilisers and Chemicals Ltd (GFCL) from 12 per cent at present to 14.85 per cent in the next couple of months, according to a senior official of the company.

A Vellayan, vice chairman, EID Parry (India) Ltd, said the company expected to bid for the 25.87 per cent stake of the Andhra Pradesh government when it comes up for divestment.

According to sources, the state government is expected to ask for bidders by April this year.

GFCL is a joint sector company between the Indian Farmer Fertilisers Cooperative Ltd (IFFCO) and the Andhra Pradesh government with IFFCO holding 24.91 per cent.

 

EID Parry will not attract the provisions of the SEBI take over code if it keeps its stake in GFCL under 15 per cent and by bidding for the Andhra Pradesh Government