EID Parry, a Chennai-based sugar maker and a group firm of $3.14-billion Murugappa Group, has acquired 76% stake in Sadashiva Sugars (SSL) for a consideration of about Rs 50 crore. SSL is a Bangalore-based company with factory at Bagalkot, Karnataka, said a company statement.
The unit is located at Bagalkot in northern Karnataka and has production capacity to crush sugarcane of 2500 tonnes of sugarcane a day (TCD). It has a co-gen capacity of 15.5 MW. This is a new unit being commissioned by SSL and is expected to start operations this season.
The acquisition would take the total capacity of EID Parry to 21,500 TCD, from the current 19,000 TCD. EID Parry has five sugar mills in Tamil Nadu and Pondicherry with a co-gen capacity of 84.5 MW.
The revenue of the company was Rs 10,293 crore in financial year 2008-09, against Rs 812.27 crore in the previous fiscal. In 2008, the company has acquired 48% in a US-based nutraceutical company Valensa International for around $9 million as part of its expansion in overseas countries.