EID Parry India has entered into a definitive agreement with GMR Holdings to acquire majority equity stake in GMR Industries, the agri-business entity of GMR Group.
As per the definitive agreement entered into between the parties, GMR Group will divest a majority equity stake such that post the mandatory open offer (as per SEBI regulations), EID Parry would hold a minimum 65% equity stake in GMR Industries. Post the open offer, GMR Group would become a minority share holder in the company.(Bloomberg UTV)