Business Daily from THE HINDU group of publications
Friday, Mar 07, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Mar 07, 2008 ePaper | Mobile/PDA Version |
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Corporate
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Overseas Investments Advanta acquires US co Our Bureau Bangalore, March 6 Advanta India Ltd on Tuesday announced that it has acquired Garrison & Townsend (GT), a US company producing and marketing sorghum. The acquisition made through its subsidiaries, cost Advanta $10.5 million for the 100 per cent ownership of GT. GT had a strong presence in different varieties of sorghum. Grain sorghum contributes 32 per cent of the total $11- million turnover of GT, while forage sorghum (used for cattle) of different varieties account for 67 per cent, said Mr Manoj Gupta, group CFO of Advanta. He said the acquisition will bolster Advanta’s presence into sorghum market in the US in particular and strengthens the Advanta’s presence in sorghum worldwide, in general. GT is a hybrid grain and forage sorghum research, production, conditioning marketing and selling company. Its products are marketed throughout the US as well as in Italy, Israel, Pakistan, Mexico, Central America, South America and Japan. Ten largest customers of GT contribute about 60 per cent of its revenue, Mr Gupta said. Advanta, a seed company with global footprint, had developed its propriety germplasm to emerge a strong player in crops such as sunflower, rice, corn, mustard, cotton, tropical, temperate and vegetables. More Stories on : Overseas Investments | Mergers & Acquisitions | Foodgrains
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