FMCG to cigarettes major ITC Ltd on Thursday said it has completed the full acquisition of Technico Agri Sciences Ltd (TASL), a company owned by its direct subsidiary, Technico Pty Limited (TPL), Australia for a cash value of Rs 121 crore. The acquisition, as per a BSE filing by ITC, is expected to “improve business and operational synergiesâ€. The acquired company, which is into production and sales of a registered category and field generated seed potatoes, 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.
Source: Business-StandardITC acquires Technico Agri Sciences for Rs 121 crore
Industry: Agro based 2016-03-25
