Business Daily from THE HINDU group of publications
Friday, Sep 12, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Sep 12, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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Mergers & Acquisitions Agri-Biz & Commodities - Seeds States - Andhra Pradesh Atash Seeds on acquisition drive; in talks with Delhi-based firm Our Bureau Hyderabad, Sept. 11 Atash Seeds, a company of the Bangalore-based Avesthagen Ltd, has chalked out a strategy of acquisition, to emerge among the top seed companies in the country. “We have identified a Delhi-based company for acquisition and are close to clinching a deal,” said Mr K.S. Narayana Swamy, Chief Executive Officer (CEO) of the Hyderabad-based company. While preferring not to disclose the name of the Delhi company, Mr Swamy told newspersons that it had strengths in four crops — wheat, paddy, mustard and peas. The company had good presence in North India. Atash Seeds, formed in 2006, also acquired Swagath Seeds (Rs 4 crore turnover) of Hyderabad in March 2007. “Our target is to grow to Rs 150 crore turnover in the next five years and be among the top five seed companies,” Mr Swamy said. Atash Seeds has 40 acres and a research centre near Ghatkesar on the outskirts of Hyderabad. Its turnover for 2007-08 was Rs 10 crors and target for this fiscal was Rs 40 crore, he added. With Avesthagen having a strong pipeline of technologies, especially in seven crops, scale up of seed production and acquisition route would help the company grow, the CEO said. The company has forged research tie-up with the International Crop Research Institute for Semi-Arid Tropics (Icrisat) here for hybrid pigeonpea (red gram) and pearl millet (bajra). For hybrid rice, it has a tie-up with the Indian Agricultural Research Institute (IARI). More Stories on : Mergers & Acquisitions | Seeds | Andhra Pradesh
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