EID Parry to buy stake in GMR Ind

Sugar major EID Parry today announced acquiring a majority stake in GMR Industries,the agri-business arm of Hyderabad-based GMR Group,with purchase of minimum 65 per cent equity,currently worth Rs 145 crore.

Sugar major EID Parry today announced acquiring a majority stake in GMR Industries,the agri-business arm of Hyderabad-based GMR Group,with purchase of minimum 65 per cent equity,currently worth Rs 145 crore.

For the transaction,EID Parry has entered into a definitive agreement with GMR Holdings Pvt Ltd,the companies said in a joint statement.

The two companies did not divulge any financial details,but based on GMR Industries’ current market capitalisation of Rs 223 crore,a 65 per cent stake in the company would be valued at Rs 145 crore.

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EID Parry,which is part of Chennai-based Murugappa Group,is a dominant player in the sugar industry and also has interests in bio-pesticides and nutraceuticals.

“GMR Group will divest a majority equity stake such that … EID Parry would hold a minimum 65 per cent equity stake in GMR Industries.

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