The Hindu Business Line : EID Parry buys 51% stake in Phytoremedies

Chennai, Feb. 14 EID Parry, the Murugappa Group company, has acquired a 51 per cent stake in Phytoremedies Biolabs Pvt Ltd, a Pune-based company manufacturing nutraceuticals – nutrition supplements, according to information provided by EID Parry to the stock exchange.

Phytoremedies will be a subsidiary of EID Parry.

An EID Parry official said that this strengthens a long term relationship in which EID Parry has been marketing Phytoremedies’ vegetable-extract based products along with its own line of marine alga-based nutraceutical products.

Phytoremedies, promoted by a technocrat, would benefit from EID Parry’s financial, managerial and marketing strengths. The 51 per cent stake amounts to a “little less than Rs 2 crore,” the official said.

Phytoremedies makes nutrition supplements such as vitamin-based products and lycopene supplements from tomato extracts to supply to food and pharmaceutical industries. Its manufacturing units are in Pune and Boisar in Maharashtra.

For EID Parry, nutraceuticals are a major line of activity after sugar. In 2006, after identifying the bioproducts’ business as a growth area, EID Parry merged with itself Parry Nutraceuticals Ltd, another company within the group, manufacturing nutritional supplements from the marine alga Spirulina and Dunaliella. The culture facilities are in Pudukottai district, Tamil Nadu.

On the NSE, EID Parry’s shares of Rs 2 opened at Rs 169 and closed at Rs 174.60 against the previous close of Rs 167.80.

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