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EID Parry (India) Ltd

BSE: 500125 | NSE: EIDPARRY ISIN: INE126A01031
Market Cap: [Rs.Cr.] 3,287.74 Face Value: [Rs.] 1
Industry: Sugar

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Company Profile

EID Parry (India) Ltd is one of the largest business groups in the country. The company is engaged in the manufacture and marketing of a wide-range of products that includes Sugar, Bio-Pesticides and Neutraceuticals. The company made their presence felt across the globe by developing and nurturing tie-ups with various organizations such as Sugarcane Research Institute in Australia, Sugar Processing Research Institute in Louisiana, Tate and Lyle International in UK and Mitr Phol Sugar Corporation Ltd in Thailand. EID Parry (India) Ltd is a pioneer in the manufacture of plantation white sugar from sugarcane. The British trader, Thomas Parry established the House of Parry in the year 1788. Parry set up the first Sugar Factory in 1842 at Nellikuppam in Tamilnadu. In the year 1952, the company factory at Ranipet launched 'Parryware', their gleaming vitreous sanitaryware collection that makes bathrooms decorative. In the year 1975, the company was converted into an Indian company. The company became the member of the Murugappa group in the year 1981. In November 1992, the company acquired the sugar unit at Pugalur in Tamilnadu. The electronics division of Murugappa Electronics merged with the company with effect from April 1991. In December 1995, they acquired the pesticides business of Bharat Pulverising Mills and in March 1996, the wall tiles project of the company at Karaikal commenced their production. During the year 1998-99, the seeds division of the company was sold as an undertaking to Parry Monsanto Seeds Pvt Ltd, in which Monsanto India Ltd holds 51% and the company holds 49% of the equity. The company along with Santhanalakshmi Investments Ltd acquired 95.96% of the paid up capital of Cauvery Sugars and Chemicals Ltd. In April 1999, the magnetic Media Unit at Mysore has been sold as a going concern to Meltrack India Pvt Ltd. During the year 1999-2000, the company acquired Johnson Pedder Ltd with sanitaryware unit at Dewas in Madhya Pradesh. Thus, the company became a wholly owned subsidiary company. The company increased their capacity at Pugaur plant to 4000 TCD. In March 2000, they commissioned 2500 TCD green field plant at Pudukottai. Coromandel Fertilizers Ltd and Santhanalakshmi Investment Pvt Ltd became the subsidiary of the company with effect from December 14, 2001 and January 31, 2002. Also, Parry America Inc commenced their operation from January 2002. The Farm Inputs Division of the company was de-merged and transferred to Coromandel Fertilisers Ltd with effect from April 1, 2003. Also, Parry & Company Ltd and The Mofussil Warehouse & Trading Company Ltd amalgamated with the company. During the financial year 2003-04, the company acquired 95% stake in East India Sugars Pvt Ltd, Chennai that is engaged in sugar trading. During the year 2005-06, the company incorporated Parrys Sugar Ltd with an initial capital of Rs 1.50 crore. Parrys Investment Ltd became a wholly owned subsidiary of company during the year. Santhalakshmi Investments Pvt Ltd was amalgamated with the company with effect form May 1, 2005 and subsequently Coromandel Bathware Ltd became a subsidiary. In March 2006, the company transferred their Parryware division on a going concern basis by way of slump sale to Parryware Glamourooms Pvt Ltd, a wholly owned subsidiary of the company for Rs 160.66 crore. Also, they commissioned 18 MW co-generation plant at Pudukottai. The company transferred 432580 equity shares of Rs 10 each held by the company in Parryware Glamourooms Pvt Ltd in favour of Roca Sanitario SA of Spain for the consideration of about Rs 118.55 crore. Consequent to this, PGPL ceased to be a subsidiary of EID with effect from June 1, 2006 and became a joint venture company. In December 8, 2006 the company entered into a joint venture agreement with Cargil Asia Pacific Holdings Pte Ltd, a wholly owned subsidiary of Cargill International. In March 2007, the company commissioned 22 MW co-generation power plants at Pugalur. During the year 2007-08, the company invested Rs 45.92 crore in the equity of the Joint Venture entity, Silkroad Sugar Private Ltd. In February 2008, the company acquired 51% stake in Phytoremedies Biolabs Private Ltd, a company engaged in the business of Nutraceuticals the said company became a subsidiary company. The company approved to sale 47% equity holding in Parryware Roca Private Ltd to Roca Bathroom Investments SP, an affiliate of Roca Sanitario S A, Spain for a conideration of Euro 11,11,49,111. In November 2008, the company acquired 48% stake in a leading US Nutraceuticals company. The Company proposes to set up Green Field Distilleries at Pudukottai and Sivaganga entailing an overall investment of about Rs 165 crores. Also there are in the process of setting up a Sugar refinery in Food Processing Special Economic Zone of Parry Infrastructure Company Pvt Ltd at Vakalapudi, Kakinada rural mandal, Kakinada.

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Key Information

Key Executives:

Anand Narain Bhatia , Independent Director

M B N Rao , Director

V Ravichandran , Vice Chairman

V Manickam , Director

Company Head Office / Quarters:

Dare House,
Parrys Corner,
Tamil Nadu-600001
Phone : Tamil Nadu-91-44-25306789 / Tamil Nadu-
Fax : Tamil Nadu-91-44-25341609 / Tamil Nadu-
E-mail : investorservices@parry.murugappa.com
Web : http://www.eidparry.com


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