EID Parry (India) Ltd has announced that it has purchased 76% stake in Bangalore based Sadashiva Sugars.

The sources informed that the acquisition entails an investment of Rs 50 crore.

EID Parry functionaries stated in a communiqué that the funding of the acquisition will be done through internal accruals.

Sadashiva Sugars is having a facility situated at Nagaral Nainegali, Bagalkot district in Karnataka. This newly started plant is having a capacity to crush sugarcane of 2500 tcd and also has a cogeneration capactiy of 15.5 MW.

With this acquisition EID Parry - part of the city based Murugappa group – will strengthen its presence in the Karnataka sugar industry in addition to functioning in Tamil Nadu and nearby Puducherry.

As per official sources, the total sugarcane crushing capacity of EID Parry is 19,000 (TCD) and a cogeneration capacity of 84.5 MW.

EID Parry engages in manufacturing as well as selling of wide range of products such as sugar, bio-products and nutraceuticals.