ITC acquires Technico Agri Sciences for Rs 121 crore
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FMCG major ITC Ltd had acquired Technico Agri Sciences Ltd India (Technico India), the company announced on Thursday.
"The company has acquired the entire equity share capital of Technico Agri Sciences Limited, India, from Technico Pty Limited, Australia," the company said in a BSE filing.
The cost of the acquisition was Rs 121 crore, said the company.
The acquisition of Technico India is expected to improve business and operational synergies, it added.
Prior to the acquisition, Technico India was a wholly owned subsidiary of Technico Pty Limited, which in turn is a wholly owned subsidiary of ITC Limited.
The company acquired by ITC is in the biotechnology business that grows and sells "Technituber" and field generated seed potatoes.
ITC added that Technico India has become a direct subsidiary of the company with effect from March 22, 2016.
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