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| Advanta India buys US-based sorghum seed firm |
| Press Trust of India / New Delhi Feb 04, 2010, 12:54 IST |
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Seed marketing company Advanta India today said its American unit has acquired the US-based Crosbyton Seed Company (CSC) for an undisclosed amount.
The acquisition was carried out through a subsidiary of the company, Advanta US Inc, and contains mainly hybrid sorghum breeding programme based in Texas, the company said in a filing to the Bombay Stock Exchange (BSE).
When contacted, the company's Chief Financial Officer Manoj Gupta declined to disclose the size of the deal.
"We have acquired 100 per cent business of CSC. The acquisition would enhance Advanta's presence in sorghum seed market in the US by 10 per cent."
CSC is a leading breeder, producer and conditioner of hybrid sorghum planting seed products and sunflower.
Gupta said, "In the 2010 calendar year, we are expecting $10-12 million (around Rs 47-55 crore) revenue from the sorghum business of CSC."
Sorghum is a cereal grain used for human consumption, as animal feed and biofuels.
This purchase follows the acquisition of the business of US-based Garrison and Townsend Seed company in 2008, the company said.
Shares of the company were trading higher by 11 per cent at Rs 564.70 on BSE at 12.20 hrs.
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