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Murugappa Group’s EID Parry (India) on Thursday announced it has entered into an agreement to buy back 49% stake of its JV partner Cargill Asia Pacific Holdings in Silkroad Sugar, a sugar refinery project at Kakinada in Andhra Pradesh. Both companies had entered into 51:49 JV in April 2006 and the plant was supposed to go on stream in December 2007. Cargill decided to sell its stake in the JV due to the defunct nature of the Kakinada Refinery for over two years due to non-availability of feedstock gas. Ravindra S Singhvi, MD, EID Parry, told FE, “The total acquisition cost is pegged at around R35 crore. We will be investing another R50-100 crore to migrate to coal-based boiler energy and other equipment.” The company is determined to take up the project as planned with coal-fired boiler generation and the project is expected to commence in 2014, Singhvi added.
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