EID Parry floats 50:50 JV for Parryware

The board of directors of EID Parry, which met today, approve a proposal to form a 50:50 joint venture with ROCA of Spain for the Parryware business.

According to a release issued by EID Parry to the BSE today, ROCA will be investing euro 50 million for its 50% stake. "This will be through a combination of direct subscription in the joint venture company, and acquisition from the company. The investment is subject to the approval of FIPB. The Parryware business was transferred by the company into its wholly-owned subsidiary, Parryware Glamourooms, on March 1, 2006," the release added.

ROCA is the second largest company in the world in the business of the bathroom ceramics. ROCA has a presence in more than 100 countries with a business volume of euro 1.6 billion. "Together, ROCA and Parryware will become the world's largest bathroom products company," the release said.

The board meeting also cleared a long-term strategy for the sugar business, which envisages investment proposals aggregating to about Rs 850 crore, and acquire Parry Nutraceuticals (PNL) for Rs 32 crore and make it a wholly-owned subsidiary of the company.