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Avesthagen, Limagrain pick stakes in Indian cos

Leading biotech company Avesthagen and French plant breeding major Groupe Limagrain on Wednesday said they have jointly acquired majority stakes in two Indian seed companies.

The two partners said that they will hold majority stake in Hyderabad-based integrated field crop seeds company Swaghat Seeds Pvt Ltd and Bangalore-based vegetable seeds company Cee Kay Seeds and Seedlings Pvt Ltd.
These acquisitions are in line with the strategy of the two partners and will also serve as a platform to make Avesthagen's latest technologies like hybrid fit, drought fit, salinity fit, available to farmers to address problems related to low-productivity under stressed growng conditions, a joint statement said.
When contacted, Avesthagen Vice-President Communications and External Affairs Manan Bhatt declined to comment on the the financial details of the acquisitions.
Avesthagen and Groupe Limagrain had last year joined hands to form Atash Seeds Pvt Ltd to develop innovative technologies for farmers in India.
French firm Limagrain is a farmers owned international group specialised in plant breeding and valorisation. On the other hand, Avesthagen holds about 41 patents in its bioagricultural vertical.
Source : Economic Times

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