Murugappa Group company EID Parry (India) has acquired a 76 per cent stake in the Bangalore-based Sadashiva Sugars for about Rs 50 crore.
Suger maker EID Parry has five factories in Tamil Nadu and Puducherry and has the capacity for crushing 19,000 tonnes of sugarcane a day. It also has two distilleries.
On the other hand, Sadashiva Sugars has the capacity to crush 2,500 tonnes of cane a day. The acquisition assumes importance for EID Parry as Karnataka is a major producer of sugar among southern states of the country and can be a key market for the company.
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