The FMCG major ITC Ltd has acquired the India unit of Australia based agri biotech company Technico Agri Sciences Ltd ( TASL ) for Rs.121 crore. Its a direct subsidiary of Technico Pty Limited (TPL). As per the BSE filing by ITC , the acquisition is expected to improve business and operational synergies.
The Technico Agri Sciences Ltd India is the seed potato producer and in the biotechnology business grows and sells “Technituber”. The ITC has acquired the entire equity share capital. The company said in the latest attempt at consolidating its presence in the agribusiness segment.
The acquired company has been revenue positive for the past three fiscal years. In 2012-13, TASL’s turnover stood at Rs 64.89 crore which climbed to Rs 73.94 crore in 2013-14 and further rocketed to Rs 105.54 crore in 2014-15.
The value of the acquisition is the same as TASL’s net worth.
Extra Info :
ITC Head : Yogesh Chander
ITC Headquarter : Kolkata
So lets discuss some questions related to this post which can be asked in the upcoming exams :
1. Name the company which has acquired by the ITC ltd recently ?
2. What is the acquisition amount by ITC Ltd ?
3. The Technico Agri Sciences Ltd is the direct subsidiary of which company ?
Courtesy : Business Standard