EID Parry India buys out remaining 37% stake in Parry Phytoremedies

Chennai-headquartered Murugappa Group firm EID Parry (India) Ltd has acquired remaining 37 per cent equity stake in Pune-based Parry Phytoremedies Private Limited, making it a 100 per cent wholly-owned subsidiary of the company, according to a stock market disclosure. 

EID Parry acquired 63,200 equity shares representing 37 per cent equity stake at a price of Rs 100 per share from the erstwhile promoters of Parry Phytoremedies, which is into manufacturing of speciality ingredients, vitamin health supplements and tomato lycopene supplements for the nutritional, food and pharmaceutical industry, it said in the disclosure. 

For fiscal 2012-13, Parry Phytoremedies posted a loss before tax of Rs 3.75 crore, while its revenue was at Rs 5.19 crore, according to EID Parry’s annual report. As on March 31, 2013, EID Parry had a shareholding of 62.78 per cent in the company. 

In 2008, EID Parry had acquired controlling 51 per cent equity stake in the Pune-based company, formerly known as Phytoremedies Biolabs Pvt Ltd. Later in 2010, the company increased its holding in Parry Phytoremedies to around 63 per cent by acquiring additional 12 per cent equity stake. 

Last month, EID Parry bought Chilean nutraceuticals firm Alimtec S.A., from its parent German chemicals giant Bayer Group, for an undisclosed sum. Alimtec makes Haematococcus pluvialis biomass, a cultured micro-algae which is a rich natural source of Astaxanthin for human use. 

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.

(Edited by Joby Puthuparampil Johnson)

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