|Chennai||Rs. 27580.00 (0.18%)|
|Mumbai||Rs. 28700.00 (0%)|
|Delhi||Rs. 27700.00 (0.73%)|
|Kolkata||Rs. 28270.00 (0%)|
|Kerala||Rs. 27050.00 (0.74%)|
|Bangalore||Rs. 27350.00 (1.11%)|
|Hyderabad||Rs. 27660.00 (1.21%)|
The Murugappa Group company E I D Parry India Limited has said that it's bought the entire stake from its joint venture partner, Cargill Asia Pacific Holdings PTE in its joint ven-ture entity 'Skill Sugar Private Ltd. With this acquisition, the equity holding of E I D Parry (India) Ltd would increase to 99 per cent and SSPL would bec-ome a subsidiary of E I D Parry (India) Limited.
E I D Parry's Managing Director Ravindra Singhvi said that the acquisition value is around Rs 34-36 crore for around Rs 6 per share. "We don't know why they have exited," he said.
Silk Road Refinery, is a JV between Murugappa Group's E I D Parry and multinational company Cargill. The refinery is coming at Kakinada with a capacity of 600,000 tonnes and can be expanded to one million tonnes.
The project, which is coming at Kakinada in the state of Andhra Pradesh, was delayed due to non-availability of Gas, following which the company has decided to look at coal-based model. Earlier the company said, this conversion would attract investment to the tune of around Rs 80-100 crore.
The refinery is expected to commence operations from the first of 2014, said Singhvi.