Comments
E.I.D-Parry India Ltd has completed the acquisition of the entire equity stake in Sadashiva Sugars Ltd, making it a wholly-owned subsidiary.
The Murugappa Group Company holds the entire stake of 6.02 crore equity shares of Rs 10 each, it has announced in the stock exchange.
According to a senior executive, the company is now in the process of expanding the sugar mill to about 3,500 tonnes through debottlenecking at an expenditure of Rs 30-35 crore.
Being in North Karnataka gives the Murugappa Group company multi-fold benefits; apart from being in the second largest sugarcane producing State, it is a high sugar recovery ranging around 12 per cent per tonne of cane, and access to sugar markets in Central India.
With the acquisition of a majority stake in the GMR Group's sugar business in April 2010, E.I.D-Parry is now present in Andhra Pradesh also, giving it a presence across the three major sugarcane producing States, including its home base in Tamil Nadu.
The company official said it owns a 65 per cent stake in the sugar business with the balance with the original owners.
This acquisition gave it three fully integrated sugar complexes in Andhra Pradesh and Karnataka with a combined installed crushing capacity of 11,000 TCD, 46 MW of co-generation and 95 KLPD of distillery.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.