Bayer CropScience okays sale of traded seeds biz to Crystal Crop Protection

Bayer CropScience Ltd on Wednesday approved sale of its traded seeds business, along with property in Telangana, to Crystal Crop Protection Ltd for Rs 62 crore.

In a regulatory filing, the company said its board of directors has approved the sale of its traded seeds business related to cotton, millet, mustard and sorghum crops along with real estate property owned by the company at Patancheru, Telangana, to Crystal Crop Protection on a slump sale basis for a total consideration of Rs 62 crore.

The transaction is subject to the fulfillment of agreed conditions before the closing date.

Until the closing of the transaction, the company said it will continue to act as a distributor for these crops.

The company will continue to act as distributor for crops which are not part of these sales.

"It is further informed that the revenue from traded seeds business for above crops accounts for 1.3 per cent of the revenue from operations of the company for the Financial Year 2020-21," the filing said.