PXV and HSB Partners lead on EID Parrys buy out of Cargill stake in JV

Murugappa Group Company EID Parry India, the largest sugar maker in South India has bought the entire stake from its joint venture (JV) partner Cargill Asia Pacific Holdings in its JV firm Silkroad Sugar..According to ET, EID Parry has bought the 49 per cent stake from Cargill for Rs. 36 crore ($6.5 million)..PXV Law Partners advised Cargill with a team led by Partner G.T. Thomas Phillippe along with Partner Anuj Sahay and Senior Associate Aparajita Srivastava along with Cargill in-house legal team led by Devottam Sengupta..HSB Partners advised EID Parry with a team led by Partner TK Bhaskar along with Principal Associate Varun Sriram and Associate Sahana Chandrika..With this acquisition, the equity holding of EID Parry would increase to 99 per cent and Silkroad Sugar would become its subsidiary..Silk Road Refinery is a JV between EID Parry and multinational company Cargill. The refinery is coming up at Kakinada in Andhra Pradesh with a capacity of 600,000 tonnes and can be expanded to one million tonnes. The project was delayed due to non-availability of gas, following which the company decided to look at the coal-based model, reports Business-Standard.