EID Parry signs JV pact with Cargill Asia Pacific

Mumbai, Dec 08 (UNI) EID Parry India Ltd has signed a Joint Venture with Cargill Asia Pacific Holdings PTE Ltd, (Cargill) a wholly owned subsidiary of Cargill International, to set up a stand-alone sugar refinery.

In a notice to BSE, the company said pursuant to the Boards approval, for the Company's plan of a joint venture with Cargill International, both the parties have made an initial subscription to the share capital of Parrys Sugars Refineries Pvt Ltd.

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

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

UNI SN PM VKG1910