Sugar manufacturer EID Parry today said it will transfer its bio pesticides business along with its entire stake in subsidiary firm Parry America Inc, USA to another subsidiary Coromandel International for Rs 338 crore.
The transaction is subject to receipt of necessary approvals including approval of the shareholders.
The bio pesticides business is into manufacture and marketing of neem-based azadirachtin technical and formulations, among others, and has brands in India and globally, the company said in a statement.
"The transaction is part of the strategic plan of the Company to consolidate and focus on its Core businesses in Food and Nutraceuticals space," EID Parry Chairman A Vellayan said.
Parry America, Inc, a 100 per cent subsidiary of EID Parry sources azadirachtin technical from bio pesticides business in India, formulates and markets the products in North and South America, Australia and Japan.
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