Chennai, 4 November 2011: EID Parry (India) Ltd, part of the Murugappa Group today signed an MOU with New Holland, a global major in farming equipment, for providing farm mechanization solutions to sugarcane farmers in Tamil Nadu and Puducherry. Through this initiative the companies will make available mechanized harvesters and other equipment for harvesting, providing a cost effective solution to farmers who are currently facing from a severe labour shortage for working on the lands and harvesting the crops. This will ensure the crop is harvested at the right time at a lesser overall cost than the current mode of operation.

Speaking on the occasion, Managing Director of EID Parry Mr Ravindra S Singhvi said, “This partnership will help us fulfil our plan of aiding farmers, who are our most important stakeholders, by providing farm mechanization solutions. This activity will involve an investment of Rs. 100 crore over 2-3 years to increase the penetration of mechanisation in our areas.” He added, “Initially we are planning to reach around 15000 farmers. Through continued usage and awareness, we expect we will be able to reach even larger sections of the farming community”.

Mr Stefano Pampalone, Country Head New Holland Fiat (India) Limited said “With 100 years of experience in successful Agricultural mechanization, New Holland is glad to join hands with EID Parry, to usher in new era of mechanization in Sugar cane cultivation, in the Parry Command area.”

A majority of the farmers in India are suffering from scarcity of skilled farm labour which results in huge escalation in farm labour costs coupled with delay in harvesting the crop. While it is widely acknowledged that using farming equipment will address this issue to a great extent, the issue of affordability has kept this solution out of reach for the farmers who are already burdened with high operating costs. EID Parry and its associates will arrange the necessary equipments and then hire it out to the farmers. Through this the actual usage costs by the farmers will be much less. The use of farm equipment will not only result in a better yield and output of the crop but also will enable the farmers to harvest the crop at the appropriate time. This will help them increase their margins and provide tangible financial benefit from agriculture.

This shall benefit EID Parry as the sugarcane supplied to EID Parry will be of optimum age and help plan the sugarcane inflow better.

Through this MoU New Holland will be able to reach the farmers and create awareness among the farming community on the benefits of mechanisation. This will also help them to get direct feedback from the users which will help them further customise their products to the specific needs of farmers in India.

The programme was attended by senior management of EID Parry and New Holland.

About the Murugappa Group

Founded in 1900, the Rs. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including eight listed Companies actively traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Tube Investments of India Ltd. and Wendt (India) Ltd.

Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo and Morgan Crucible. The Group has a wide geographical presence spanning 13 states in India and 5 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.

About EID Parry

E.I.D. Parry is a dominant player in Sugar with interests in promising areas of Bio Pesticides and Nutraceuticals. E.I.D Parry was incorporated in 1975. The company also has a significant presence in Farm Inputs business through its subsidiary, Coromandel International Limited. EID Parry has a 50% stake in Silkroad Sugar Private Limited, a joint venture with Cargill, 93.52% stake in US Nutraceuticals LLC, USA with 100% voting rights, a 100% stake in Sadashiva Sugars Limited and a 65% stake in Parrys Sugar Industries Limited.

About New Holland

Case New Holland is a world leader in the agricultural and construction equipment businesses. It is a majority-owned subsidiary of Fiat Industrial S.p.A., a public company whose capital stock is listed on the Milan Stock Exchange (FI.MI). Created in 1999 through the merger of New Holland N.V. and Case Corporation, CNH today comprises the heritage and expertise of three agricultural brands (Case IH; New Holland Ag; and Steyr) and three construction equipment brands (Case Construction Equipment; New Holland Construction; and Kobelco).

To continue the legacy of Case New Holland, a 15 bn USD company 100% subsidiary New Holland Fiat India Pvt. Ltd. was established with state-of-the art plant designed on the lines of international standards at Greater Noida where commercial production started in the year 1998. Initial installed capacity of 30000 Tractors per annum is now being ramped up to 60000 tractors per annum by the year 2013. Other than tractors, the equipments and implements offered are Sugar Cane Harvester, Balers, Raker, Planters, Choppers, Rotavators etc.

For further details contact

R. V. Prasad
External Communications Lead – GCC
Murugappa Group
Mobile : 9840120590
Email ID : prasadrv@corp.murugappa.com

Seema Singh
General Manager-Corporate Communication
New Holland Fiat India Pvt. Ltd.
Phone number: 8860013010 / 0120-3056217
Email ID : seema.singh@cnh.com

Vinod Kumar / Diya Kinger
Ogilvy PR
Mobile : 9840126179/ 8939623044