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| Avesthagen forms JV with Limagrain |
| BS Reporter / Chennai/ Bangalore Oct 28, 2009, 00:32 IST |
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Avesthagen, a Bangalore-based life sciences firm, has announced the formation of a joint venture (JV) with Limagrain, a French international cooperative group. Limagrain will hold the majority 51 per cent in the JV, Atash Seeds Pvt Ltd, to build a agri-biotech business model for field crops.
Avesthagen will license its patented technologies to Atash Seeds to develop, produce and market seeds nationally and internationally by leveraging Limagrain’s network.
According to a statement from Avesthagen, the joint venture will work on new seed varieties that will attempt to address farmers’ needs to combat drought, salinity while improving quality. Atash Seeds will promote biotech-driven, gene-based seed technologies designed to address needs of the farmer and other emerging markets. The company will sell hybrids and environment adjusted crops for field crops such as rice, wheat and maize, and other cereals.
According to the terms of the agreement, besides Atash Seeds, Limagrain has also entered into an exclusive worldwide licensing arrangement for developing and marketing genetically modified seeds eg. maize, wheat, barley, rice, sunflower-based on Avesthagen’s technologies.
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