Advanta India arm acquires seeds firm in U.S.
Feb. 8, 2010
This is the companys second acquisition in the US.
Advanta India Ltd, an Hyderabad-based listed seed marketing company, has acquired Texas-based Crosbyton Seed Company (CSC) for an undisclosed sum. The acquisition was through the companys US arm Advanta US Inc, according to its filing with the Bombay Stock Exchange.
This is the second acquisition of Advanta in the US. Advanta had earlier acquired Texas-based Garrison & Townsend Seed Company for $10.5 million in 2008. The latest acquisition increases Advanta’s global sorghum footprint with existing operations in India, Australia, Argentina and Thailand.
At 11:23 am, the shares of Advanta were trading at Rs 578.00, up by Rs 69.05 or 13.57% in the BSE.
Advanta is the unit of United Phosphorus group of companies. It is primarily engaged in research, development, production, distribution and marketing of hybrid agricultural field crop seeds and plant seeds.
Some of its earlier acquisitions include Longreach Plant Breeders Management Pty Ltd in Australia, and Unicorn Seeds Ltd in Hyderabad. In 2008-09, net sales and net profit of the company were Rs 617.55 crore and Rs 48.83 crore respectively.
More from AgroNews
Subscribe to daily email alerts of AgroNews.