Murugappa group firm EID Parry has acquired Chile-based Alimtec, part of Bayer group, for an undisclosed amount in order to grow its nutraceuticals business.
The company has acquired stake in Alimtec from the Bayer group firms.
"EID Parry has acquired 100 per cent stake in Alimtec SA, Chile part of the Bayer group," the company said in a BSE filing.
With this acquisition, EID Parry would ensure reliable sourcing of Astaxanthin for its subsidiary US Nutraceuticals LLC (Valensa). The entire production of Alimtec will be used by Valensa for its Astaxanthin products catering to US and Europe markets, the filing added.
Astaxanthin is a strong antioxidant used in cosmetics, herbal products and dietary supplements.
Alimtec is in the business of producing Haematococcus pluvialis biomass, a cultured micro-algae a rich natural source of Astaxanthin.
EID Parry is a part of Rs 22,500 crore Murugappa Group headquartered in Chennai. The company in the business of sugar, microlagal health supplements and bio products.
