Chennai-headquartered Murugappa Group firm EID Parry (India) Ltd has acquired Chilean nutraceuticals firm Alimtec S.A., from its parent German chemicals giant Bayer, for an undisclosed sum, as per a stock market disclosure.
The company said with this deal EID Parry would ensure reliable sourcing of Astaxanthin for its subsidiary US Nutraceuticals LLC (Valensa International), which makes Astaxanthin based formulations. The entire production of Alimtec will be used by Valensa for its products catering to US and European markets.
Alimtec makes Haematococcus pluvialis biomass, a cultured micro-algae which is a rich natural source of Astaxanthin for human use.
EID Parry is a manufacturer and exporter of certified organic Spirulina and carotenoids like Natural Beta Carotene, Astaxanthin and Tomato Lycopene. It has commercialised three major microalgae sources of nutraceuticals—Spirulina, Dunaliella salina (source of Natural Beta Carotene) and Haematococcus pluvialis.
It operates through two units—Valensa and Parry Phytoremedies. While Valensa is US-based firm, Parry Phytoremedies is located in Pune and is into Tomato Lycopene.
EID Parry is part of the Murugappa Group and is engaged in manufacturing and marketing of products such as sugar and alcohol besides co-generation of power, bio-pesticides and nutraceuticals.
In September 2011, EID Parry acquired the remaining 49 per cent stake in US-based Nutraceuticals LLC or Valensa for $4.51 million. In November 2008, the company announced strategic acquisition of 48 per cent stake in Nutraceuticals. In FY11, the company acquired another three per cent stake in the US firm, increasing its stake to 51 per cent.
(Edited by Joby Puthuparampil Johnson)