Chennai: Chennai-based EID Parry India, a Murugappa Group company, today informed BSE that it has acquired 48 per cent stake in a US-based nutraceutical company Valensa International to expand its business.
The company did not disclose the deal amount. In a statement to the BSE, the company said the new venture will help EID to expand its footprints in the nutraceutical space and help the US company with manufacturing and research facilities.
The Indian company also announced about its plan to set up a life sciences division at the IIT Madras Technology Park for developing novel formulations to address various lifestyle diseases.
EID Parry is a leading manufacturer and exporter of certified Spirulina and carotenoids such as natural beta cartoene, astaxanthin and tomato lycopene.