ITC acquires potato seed producer Technico Agri Sciences

Kolkata, March 24 (IANS) Agri business and FMCG major ITC Ltd has acquired seed potato grower Technico Agri Sciences Ltd, India (Technico India), the company said on Thursday.

"The company has acquired the entire equity share capital of Technico Agri Sciences Limited, India, from Technico Pty Limited, Australia. Prior to such acquisition, Technico Agri Sciences Limited was a wholly owned subsidiary of Technico Pty Limited, which in turn is a wholly owned subsidiary of ITC Limited," it said in a BSE filing.

The acquired company that is in biotechnology business grows and sells "Technituber" and field generated seed potatoes.

The acquisition cost was Rs.121 crore, the Kolkata based FMGC company said. It also said the acquisition was expected to improve business and operational synergies.