EID Parry to hive off its Bio Business to Coromandel International Ltd.

Mr. A Vellayan, Executive Chairman of Murugappa group stated that the transaction is part of the strategic plan of EID Parry to consolidate and focus on its core businesses in Food and Nutraceutical space. He had informed that it would help EID Parry to keep its gearing at a lower level to handle the Sugar cyclical movements. Further, the Bio Pesticides business would gather growth momentum in the hands of Coromandel through their strong position in Crop Protection business in India. He further said that the Bio Products business would also derive the synergy benefits by making inroads into South America, Africa and Asian markets where Coromandel has significant presence.