EID Parry on 26 April 2010 signed a share purchase agreement with GMR
Holdings to acquire 65 per cent stake in GMR Industries, the agri-business arm
of the GMR Group.
However, the financial details of the deal have not been disclosed.
Rothschild acted as the sole financial adviser to the group on the transaction.
Post deal, the GMR Group is expected to become a minority shareholder in the
company. The proposed stake acquisition is likely to mark EID Parry's entry into
Andhra Pradesh and also consolidate its position as a leading sugar manufacturer
in cane rich areas of north Karnataka.
GMR Industries owns and operates three fully integrated sugar complexes in
Andhra Pradesh and Karnataka.