EID Parry India, a subsidiary of USD 3 billion Murugappa Group, has acquired 65 per cent stake in GMR Industries for an undisclosed amount.
The company has acquired 1,29,75,110 equity shares of Rs 10 each representing 65 per cent of the paid up and issued equity share capital of GMR Industries, the agri-business arm of GMR Holdings LTD.
Through this acquisition, GMR Industries has become a subsidiary of our company with immediate effect, EID Parry India said in a statement here.
This is in pursuance of the April 26 share purchase agreement signed with GMR Holdings Pvt Ltd, it added.
Source: MSN