• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Chennai , July 14

THE writ petition against the sale of assets of New Horizon Sugar Mills Ltd to EID Parry (India) Ltd has been dismissed by the Madras High Court. An order to that effect was passed by the court on Tuesday, according to an announcement of EID Parry in the BSE on Thursday.

New Horizon's (hypothecated) assets were seized by Indian Bank and put on sale, after the company defaulted on its loan repayments to the bank.

The Murugappa group company, in a notification to the stock exchange, said Indian Bank had confirmed that the writ petition questioning the sale and other connected writ petitions had been dismissed by Common Order of the Madras High Court.

"Indian Bank has further confirmed that the Security Enforcement Committee of the Bank has also confirmed the sale in the Company's favour," EID Parry has said. Thus, the sale of land and building and plant and machinery of New Horizon Sugar Mills Ltd, Pondicherry, for a consideration of Rs 50.20 crore has been confirmed in the company's favour by Indian Bank, the notification says.

EID Parry (India)'s President, Mr Rama Babu, told Business Line that with the addition of 2,000 TCD of capacity from the New Horizon acquisition, EID Parry's total installed capacity would increase to 16,000 tonnes of cane crushed per day.

Sugar production would go up by about 60,000 tonnes a year, taking the total sugar production by the company to four lakh tonnes a year.

New Horizon Sugar's associate unit, Arunachalam Sugars, is also to be put on auction, but Mr Rama Babu said EID Parry was not interested. "We are looking at acquisition possibilities in Karnataka," he said, observing that the State Government had said that it would invite the private sector to take on lease some of the cooperative units there.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Dr Reddy's launches Colostrum in tie-up with New Zealand co

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line