On Thursday 24 March, ITC, India’s FMCG giant announced that it has taken over the Indian unit of Technico Agri Sciences Ltd. from Australia-based agri-biotech company Technico Pty Ltd. for Rs 1.21 billion.
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.
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.
(1 Indian Rupee=0.015 USD)
Source: thedollarbusiness.com
