Karuturi blooms on Dutch acquisition

DALALS TREET SPIKES

Karuturi Networks was locked at upper limit of 5 per cent and closed at Rs 196.05 on reports that it had acquired Dutch firm Sher Agencies for $69 million. Karuturi has reportedly acquired the Dutch floriculture major in a bid to become the world's largest producer of roses.

The acquisition will boost the revenues of Karuturi, which is also into food processing and software services, to Rs 400 crore from the current Rs 100 crore. The capacity will also grow to 65 crore rose stems from 15 crore now.