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Chambal Fertilizers to acquire Aussie firm
By siliconindia
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Friday, 04 October 2002, 19:30 IST
MUMBAI: Chambal Fertilisers and Chemicals Ltd (CFCL), the agri-inputs major of K.K. Birla-controlled Zuari-Chambal group, is planning to acquire 51 per cent in the Australian agri-biotechnology giant - Technico Pty Ltd.
The CFCL board, according to a business daily, has approved a proposal to invest up to Australian $18.62 million in the Australian company to acquire majority holding.
Technico, specialized in advanced agricultural practices for the potato industry, has a strong presence in the technology for rapid multiplication of seed potatoes. It has offices in India, Australia and China.
CFCL said: "The proposed strategic investment and resultant controlling stake in Technico will enable your company to get into worldwide potato seed business at an attractive valuation. On a stand-alone basis also, Technico presents an attractive investment opportunity."
CFCL plans to make the proposed investment of $18.62 million either by itself or jointly with its associate companies through a special purpose vehicle to be created for this purpose outside India.