ITC Acquires Technico’s seed potato unit for Rs.121 crore

The Indian FMCG major, with the acquisition of Technico India, is expected to expand its business and operational synergies, besides enhancing its world-wide operation in agri-business segment The Dollar Business Bureau

Following the deal, Technico Agri Sciences Ltd. became a direct subsidiary of ITC Ltd. with effect from March 22, 2016

India’s FMCG giant ITC Ltd. on Thursday announced that it has taken over the Indian unit of Technico Agri Sciences Ltd. from Australia-based agri-biotech company Technico Pty Ltd. for $121 crore. ITC has taken over the entire equity share capital of Technico Agri Sciences, a company engaged in growing and selling seed potatoes and field generated seed potatoes, ITC said in a press release on Thursday. Following the deal, Technico Agri Sciences Ltd. became a direct subsidiary of ITC Ltd. with effect from March 22, 2016. The Indian FMCG major, with the acquisition of Technico India, is expected to expand its operational and business alliance, besides enhancing its world-wide operation in agri-business segment. Before this acquisition, Technico Agri Sciences Ltd. was a wholly-owned subsidiary of Technico Pty Ltd., which was a wholly-owned subsidiary of ITC Ltd. Last year, ITC’s technological segment Infotech had acquired Asigra, a leading cloud backup and recovery software - to offer niche cloud-based solutions and recovery backup for companies across the globe.

March 25, 2016 | 01:00pm IST

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The Dollar Business Bureau - Mar 25, 2016 07:23 IST

ITC Acquires Technico’s seed potato unit for Rs.121 crore

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