The Hindu Business Line : ITC buys Australian agri-biotech co

Kolkata, Aug. 17 ITC Ltd has acquired the entire share capital of Technico Pty Ltd of Australia for an undisclosed sum. The acquisition has been made through Russell Credit Ltd, a wholly owned subsidiary and investment arm of ITC Ltd.

The Australian firm is an agri-biotechnology company, specialising in potato micro-propagation, using a proprietary technology called “Technituber”.

It provides a technology platform to implement affordable early field generation seed potato programmes, reduces seed exposure to soil-borne pathogens and helps in introduction of new varieties speedily.

While senior ITC officials were not available for comment, informed corporate sources said this acquisition move heralds the entry of ITC into the field of potato supply chain management in a big way, especially since the Australian company has global subsidiaries in different countries, including India in the form of Chandigarh-based Chambal Agritech.

Post-acquisition

Following the acquisition, companies such as Technico ISC Pty Ltd, Australia, Chambal Agritech India, Technico Asia Holdings Pty Ltd, Australia, Technico Group Ammerica Inc USA, Technico Technologies Inc, Canada, and Technico Horticultural (Kunming) Co Ltd, China, would become wholly owned subsidiaries of ITC Ltd.

Technituber

Technico, started as a research and development seed project in the early 1990s, later evolved into a company developing “Technituber”, for production of miniature seed potatoes from pathogen-tested tissue culture.

Technituber technology, according to experts in the field, allows production of commercial quantities of affordable high grade seed potatoes within two field generations. Technico works with clients worldwide to improve supply chain performance and delivers benefits including accelerating product time-to-market for new potato varieties and also assisting with the creation of a reliable and cost-competitive supply chain in developing countries.

The ITC scrip today closed at Rs 153.35 at BSE, after opening at Rs 159.