EID Parry India buys remaining 37% stake in Parry Phytoremedies
A manufacturer of speciality ingredients and health supplements
Chennai-headquartered Murugappa Group firm EID Parry (India) has purchased the remaining 37% equity stake in Parry Phytoremedies, making it a wholly-owned subsidiary of the company.
EID Parry bought 63,200 equity shares at Rs 100 per share from the former owners of Parry Phytoremedies, which is a manufacturer of speciality ingredients, vitamin health supplements and tomato lycopene supplements for the nutritional, food and pharmaceutical industry.
For fiscal 2012-13, Parry Phytoremedies posted a loss before tax of Rs 3.75 crore, with revenue of Rs 5.19 crore. On 31 March 2013, EID Parry had a shareholding of 63% in the company.
In 2008, EID Parry took a controlling 51% stake in the Pune-based company, formerly known as Phytoremedies Biolabs. In 2010, the company increased its holding to 63% by acquiring an additional 12% equity stake.
In April, EID Parry bought Chilean nutraceuticals firm Alimtec, 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 manufactures and markets sugar and alcohol as well as co-generation of power, bio-pesticides and nutraceuticals.
