Closure of Operations31 March 2026 at 03:24 pm
EID Parry India Ltd to Close Refinery Unit of Wholly Owned Subsidiary, M/s. Parry Sugars Refinery India Private Limited
AI Summary
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'), with effect from the close of working hours on March 31, 2026. The decision comes after several structural shifts eroded the fundamentals of the business model, leading to significant increase in accumulated losses. The total estimated liabilities of PSRIPL amount to Rs. 998 crores, which includes bank borrowings of Rs. 877 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.
Key Highlights
- Closure of refinery unit of wholly owned subsidiary, M/s. Parry Sugars Refinery India Private Limited
- Several structural shifts eroded the fundamentals of the business model
- Significant increase in accumulated losses
- Total estimated liabilities of PSRIPL amount to Rs. 998 crores
- 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