Eid Parry takes Management control of GMR Industries
City-based EID Parry (India) recast the board and top management of GMR Industries after acquiring 65% stake in the latter.In a regulatory filing to the National Stock Exchange, GMR Industries said EID Parry has assumed management control of the company and it has effectively become a subsidiary of the latter. The EID Parry, part of the Murugappa Group, has nominated three of its officials as additional directors in the GMR Industries board. The Murugappa Group company also appointed D. Kumaraswamy as the managing director of GMR Industries. In April this year, EID Parry and GMR Industries signed a share purchase agreement whereby the former would acquire 51 to 65% in the equity of the latter.
Post open offer, EID Parry’s stake in GMR Industries is 65%. GMR Industries is an apt fit for EID Parry as it owns integrated sugar complexes in Karnataka and Andhra Pradesh with a combined installed crushing capacity of 11,000 tonnes crushing per day (TCD), 46 MW of co-generation and 95 kilolitres per day (KLPD) of distillation. Post acquisition, EID Parry’s sugar crushing capacity has gone up to 32,500 TCD, co-generation 146 MW and distillation 230 KLPD. GMR Industries has a debt of Rs.500 crore and the total enterprise value is around Rs.600 crore.
Last August, EID Parry gained a foot hold in Karnataka market with the acquisition of 76% stake in the Bangalore-based Sadashiva Sugars for around Rs.50 crore. Sadashiva Sugars has a 2,500 TCD plant at Nagaral Nainegali, Bagalkot district in Karnataka, and also has a co-generation capacity of 15.5 MW. - IANS
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Nasscom Sets up Cyber Lab in Hyderabad
A Cyber Lab was inaugurated to train police officers in tackling rising cyber crimes. An initiative by the National Association of Software and Service Companies (Nasscom) and Data Security Council of India (DSCI), the cyber lab has been sponsored by Andhra Bank. Inaugurating the lab, Andhra Pradesh Director General of Police R.R. Girish Kumar said it was aimed at building the capacity of the criminal justice system and upgrade the skills of the investigating officers dealing with the cyber crime.
The skills of the investigating officers will be upgraded with required technical inputs and investigation techniques, he said. He said the lab would meet a long felt critical gap in functioning of the Crime Investigation Department (CID). He noted that along with cyber lab, a digital investigation lab and a cyber police station have also come up in the same premises.
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