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Murugappa Holdings Ltd.

BSE: 508184 Sector: Financials
BSE 05:30 | 01 Jan Murugappa Holdings Ltd
NSE 05:30 | 01 Jan Murugappa Holdings Ltd

Murugappa Holdings Ltd. (PARRYAGRO) - Company History

Parry Agro Industries (PAIL) was incorporated as the Co-operative Wholesale Society (India). The original promoters the UK-based Co-operative Wholesale Society (CWS) divested its stake in 1992 when the Murugappa group took over the management and renamed it Parry Agro Industries in 1993. The groups' core interests include sugar fertilisers engineering ceramics construction and plantations. PAIL has carved a niche in the domestic and export markets with premium quality tea. It has also diversified into coffee and cardamom plantations. The company owns eight estates with a total planted area of 3171 hectares. It also has a tea factory in Mayura in south India. PAIL's exports to the tune of 15.34 lac kg in 1994-95 are mainly to the CIS countries the UK and west Europe. The company launched branded tea in the domestic market in Jan.'94. In 1992 it became India's first tea company to set up a joint venture in Srilanka. However faced with problems from the Srilankan government regarding subsidies and loans it is now reviewing its operations. The high courts of Kerala and Madras have approved the scheme of amalgamation of Kasturi Agro Products Pvt Ltd (KAPL) and Sweetdream Investments Pvt Ltd (SIPL) with the company. During 1997-98 the new project of Natural Beta Carotene has been successfully carried out using 1/4 acre pond culture. Commercial samples are being evaluated in Europe and U.S and one acre trial production is to start by June 1998.Company has launched its OTC products Parry's Spirulina in Tamilnadu in Nov-1998 & in Andhra & Kerla during March-1999. Company has awarded ISO-9002 certificate from M/s BVQI for company's Mayura Factory for quality as well as ISO-9002 has also been awarded to Carolyn Factory. Attikunna factory was awarded ISO-9002 during the year 1999-2000.The company is planning to hive off the the Algal business to Parry Nutraceuticals Ltd.