EID Parry buys struggling rival to gain Indian sugar powerThis article was originally published in The Public Ledger
EID Parry (India), which generates more than half its revenue
from sugar, has swooped to buy control of GMR Industries, which
operates three cane crushing facilities that will provide
additional scale and geographical spread.
Chennai, South India-based EID Parry has signed an agreement to buy a 51% stake from GMR Group, taking its full stake to 65% once a compulsory public offering is made. According to reports, the deal will cost around Rs1.1bn to buy the equity as well as the assumption of some debt.