Chennai, April 25: (India) Limited has entered into Definitive Agreement with GMR Holdings Private Limited to acquire a majority equity stake in GMR Industries Limited, the agri-business entity of GMR Group.
GMR Industries, listed on BSE and NSE, owns and operates three fully integrated sugar complexes in Andhra Pradesh and Karnataka with a combined installed crushing capacity of 11,000 TCD, 46 MW of co-generation and 95 KLPD of distillery.
The agreement in this regard was signed today at Chennai by Mr A Vellayan, Chairman, EID Parry India Ltd and Mr KBalasubramanian, Director, GMR Holdings, a company press release here said.
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 per cent equity stake in GMR Industries. Post the open offer, GMR Group would become a minority shareholder in the company.
The transaction is in line with GMR Group’s overall strategy to divest its non-core assets and focus on its infrastructure and energy business’ going forward. Currently the Group has significant interest in Airports, Energy, Highways and Urban Infrastructure, it said.
–Agencies