EID-Parry (India) Limited (EID), part of the $3 billion (Rs. 13,500 crore) Chennai-based Murugappa Group has acquired 65 percent stake in GMR Industries Limited (GMR), the agri-business entity of GMR Group.

With this acquisition, GMR effectively becomes a subsidary of EID. The deal was valued at $124 million (Rs.560 crore).

The Bangalore office of AZB & Partners acted as the legal counsel for EID. The AZB team was led by Partner Srinath Dasari and included Associates Nanditha Gopal, Vivek Kumar and Tony Matthew.

Wadia Ghandy acted as the legal counsel for GMR whose team consisted of Partner Ashish Ahuja and Senior Associate Farnawauz Sklatwala.

With this acquistion, EID will have increased its foothold in the Karnataka sugar market. Last year it had acquired a majority stake in the Bangalore-based Sadashiva Sugars.

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