EID Parry signs JV with Cargill Asia Pacific Holdings

EID Parry India Ltd has announced that pursuant to the Boards approval, for the Company's plan of a joint venture with Cargill International, a leading global sugar major to set up a stand-alone sugar refinery, on December 08, 2006 the Company has signed a Joint Venture Agreement (JV) with Cargill Asia Pacific Holdings PTE Ltd, (Cargill) a wholly owned subsidiary of Cargill International, consequent to which the parties have made an initial subscription to the share capital of Parrys Sugars Refineries Pvt Ltd.

With this subscription, the Company holds 50% of the share capital of the joint venture, Cargill 49% and remaining 1% is held by another Murugappa Group entity.

Consequent to the above, Parrys Sugars Refineries Pvt Ltd ceased to be a subsidiary of the Company with effect from on December 08, 2006.

Source : Equity Bulls

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