Post the acquisition, EID Parry's stake in the venture has gone up to 99%.
The joint venture has a plant at Kakinada in Andhra Pradesh, with 2,000-tonne crushing capacity per day. "With this acquisition, the equity holding of EID-Parry (India) Ltd would increase to 99% and SSPL would become a subsidiary of EID-Parry (India) Ltd," the company said in a statement to the Bombay Stock Exchange (BSE).
The company plans to convert the plant into a coal-fired one. However, it would take some time for the plant to become operational since a coal-fired boiler that has to be put up at the plant.
EID Parry's share price fell by 1.3% to close at R223 on the BSE on Friday.