Chennai, Oct 11 (IANS) In line with its growth strategy, the Rs.1,015-crore EID Parry (India) Ltd has acquired 76 percent stake in the Bangalore-based Sadashiva Sugars for around Rs.50 crore.

"The balance 24 percent is held by existing promoter B.S. Patil family. EID Parry will fund the acquistion from internal accruals," EID Parry Vice-President (Finance) P. Gopalakrishnan told IANS.

He said the 2,500 tonne crushing per day (TCD) plant of Sadashiva Sugars, located at Nagaral Nainegali, Bagalkot district in Karnataka, is new and also has a cogeneration capactiy of 15.5 MW.

With this acquistion EID Parry - part of the city based Murugappa group - gets a foothold in the Karnataka sugar industry in addition to operating in Tamil Nadu and nearby Puducherry.

EID Parry has a total sugarcane crushing capacity of 19,000 (TCD) and a cogeneration capacity of 84.5 MW.

Recently the group's Vice Chairman and Director (Strategy) A. Vellayan told IANS about the group's intention to grow its sugar, abrasives and pesticides business through acquistions.

According to Gopalakrishnan, EID Parry may decide to expand the Sadashiva Sugars' capacity in the future while declining to comment on the company's decision to acquire the balance stake held by Patil and his family.