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India Agri Business Fund (IABF) has invested Rs 50 crore in Super Agri Seeds Private Limited, the seed firm with a focus on paddy, cotton, maize, sunflower, bajra and vegetable crops.
Super Agri Seeds will spend the funds on developing a laboratory to carry out research and development in the mandated crops. The company registered a turnover of Rs 75 crore.
Addressing a press conference here on Friday to announce the deal, Mr Ravi Srinivas, Managing Director of Super Agri Seeds, said that the four major focus crops contribute in the range of 20-22 per cent. The company was negotiating with two big European research organisations for collaboration in research.
The company was targeting to achieve a market share of 3-4 per cent in the Rs 8,000-crore seed industry in the country.
Mr Ravi Srinivas and family held a share of over 50 per cent, while friends had 5 per cent and previous promoters 7 per cent in Super Agri Seeds.
Mr Rajesh Srivastava, Chairman and Managing Director of Rabo Equity Advisors, said the fund typically invested 15-30 percent in equity in companies that attained a growth phase. Though the fund invested in eight firms in agri sector so far, this is their first investment in a seed firm.
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