ITC acquires Technico Agri Sciences for Rs 121 crore

The acquired company has been revenue positive for the past three fiscal years

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 synergies”.

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.