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Our Bureau

Chennai , March 29

EID Parry has informed stock exchanges of the decision to sell three of its divisions to another group company, Parry Engineering & Exports Ltd. The three are the Netlon division, which manufactures polymer meshes (mosquito nets), the marketing division and the travel division.

The company has also said East India Sugars Pvt Ltd has become a subsidiary of the company with effect from Monday, consequent to the company acquiring 95 per cent of the capital of East India Sugars.

Sources in EID Parry told Business Line that East India Sugar is a trading company that is being made into a subsidiary so that there is more "operational flexibility" in trading.

The sale of the Netlon, trading and travel divisions to Parry Engineering is being done with a view to moving smaller businesses into Parry Engineering, so that EID Parry itself focuses on the main businesses of sugar and sanitaryware.

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