MUMBAI ITC Ltd has acquired the India unit of Australia-based agri-biotech company Technico Pty Ltd for 1.21 billion rupees ($18.10 million), the company said, in the latest attempt at consolidating its presence in the agribusiness segment.
ITC has acquired the entire equity share capital of seed potato producer Technico Agri Sciences Ltd India, a wholly-owned subsidiary of its Australian parent, the company said in a stock exchange filing on Thursday.
The acquisition, completed on March 22, will help improve business and operational synergies in the agribusiness segment, the cigarettes-to-cookies maker said in the statement.
($1 = 66.8650 Indian rupees)
(Reporting by Rajendra Jadhav; Editing by Biju Dwarakanath)
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Published Date: Mar 24, 2016 18:15 PM | Updated Date: Mar 24, 2016 18:15 PM