EID Parry India Ltd to Close Refinery Unit of Wholly Owned Subsidiary, M/s. Parry Sugars Refinery India Private Limited

EID Parry India Ltd has announced the closure of the refinery unit of its wholly owned subsidiary, M/s. Parry Sugars Refinery India Private Limited (PSRIPL), due to structural shifts that eroded the fundamentals of the business model. The refinery, established in 2006, was built on importing raw sugar, refining it into white sugar, and exporting the refined sugar to global markets. However, non-availability of natural gas, sharp decline in white premiums, shutdowns, demurrage charges, inventory write-off, hedge losses, and high finance cost have resulted in significant increase in accumulated losses. The accumulated losses as of March 31, 2025, were around Rs. 1,406 Crores. The Company will need to create a provision of approximately Rs. 655 crores and impair the current carrying value of its investment in PSRIPL, amounting to Rs. 46 crores. The detailed disclosure is enclosed as Annexure I.