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EID-Parry (India) Ltd will invest over Rs 100 crore this year to strengthen operations in its sugar facilities in Karnataka and Andhra Pradesh.
In addition, it will spend Rs 100 crore to purchase sugarcane harvesting machines for its units in Tamil Nadu where there is an acute shortage of labour.
Mr Ravindra Singhvi, Managing Director, EID-Parry told reporters that nearly Rs 75 crore will be invested in Karnataka where it has daily sugarcane crushing capacity of about 12,000 tonnes, which will be increased to 16,000 tonnes. The balance will be invested in the sugar mill in Andhra Pradesh.
The company has reported a net loss of Rs 7.18 crore on a turnover of Rs 397.13 crore for the quarter ended June 30, 2011. During the corresponding quarter in the previous year, the company reported a net loss of Rs 54.44 crore on a turnover of Rs 302.97 crore.
On the NSE the company's shares of Re 1 closed at Rs 267.20 against the previous close of Rs 269.10.
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