EID Parry India to buy entire stake of Silkroad Sugar from Cargill Asia

Chennai:EID Parry India Ltd, the largest sugar maker in south India, will buy the remaining 49% it doesn’t own in Silkroad Sugar Pvt. Ltd from its foreign joint venture partner Cargill Asia Pacfic Holding Pte.

add_main_imageEID Parry informed the Bombay Stock Exchange that the company has signed an agreement to purchase the entire equity stake of Cargill Asia Pacific Holdings. With the acquisition, the equity holding of EID Parry would increase to 99% and Silkroad Sugar will become its subsidiary.

“We are paying about ₹ 34 crore for the additional 49% stake and will fund it through internal accruals,” said Ravindra Singhvi, managing director of EID Parry.NextMAds

Shares of EID Parry fell 2.07% to end at ₹ 226.95 while the benchmark Sensex was lower by 0.65% at 19,229.26 points.