Avesthagen, partner acquire majority stakes in two firms

Avesthagen and its partner Groupe Limagrain have announced the acquisition of majority stake in two Indian seed companies "� Swaghat Seeds of Hyderabad and Cee Kay Seeds and Seedlings of Bangalore.

Announcing the acquisitions, Avesthagen in a release said, "This is keeping in line with the strategy of the two partners to develop technologies for farmers in India and the developing world."

Swaghat Seeds is an integrated field crop seeds company and Cee Kay Seeds is a vegetable seeds company.

The acquisitions are likely to facilitate Atash Seeds Private"�a joint venture between Avesthagen and Groupe Limagrain of France "� in conducting research aimed at developing novel seed varieties for farmers in Karnataka and across India.

Groupe Limagrain's investment is through its subsidiary Vilmorin and Cie, a global major in vegetable crop seeds and owned by a French farmers' co-operative.

It operates in Europe, the US and 29 other countries.

"Acquisitions of the two companies will also serve as a platform to make Avesthagen's latest technologies such hybrid fit, drought fit and salinity fit, available for farmers to address the problems relating to low productivity under stressed growing conditions," the release said.

Since its inception, Avesthagen has been pursuing the convergence of food, pharma and population genetics leading to preventive personalised healthcare.

Its activities include, in addition to its agri-biotech product pipeline, development of scientifically-validated bioactive nutraceuticals derived from Indian medicinal plants.