Vibha Agrotech to invest Rs 125cr for expansion

Vibha Agrotech Limited, a Hyderabad-based seed company, is planning to invest about Rs 125 crore this year for setting up new processing plants, biotech research centres and research farms in the state. It also plans to set up a research facility in Gujarat.

Disclosing this here today, P Vidyasagar, chairman and managing director of Vibha Agrotech, said the expansion plans were aimed at increasing product portfolio and output in hybrid seed varieties of various crops including cereals.

The company hopes to achieve Rs 170 crore turnover this year as compared with Rs 120 crore last year mostly through the increase in its Bt cotton seed sales.

According to Vidyasagar, the company has already been marketing six Bt cotton varieties and expects to receive clearance for three more Bt cotton varieties soon.

Vibha Agrotech had entered into a memorandum of understanding with Australian Centre for Plant Functional Genomics (ACPFG) last week to jointly work on research projects involving cereals like wheat and rice aimed at developing abiotic stress resistance varieties.

Abiotic stress in plants are caused by factors like drought, salinity, acidity, and nutritional deficiencies.

"We will identify individual projects for joint research and decide on exclusivity or non-exclusivity issues besides investment sharing at a later date," Vidyasagar said at a press conference here today.