Bangalore, India
May 9, 2007
Avesthagen and
Groupe Limagrain, who
have decided to join their efforts to develop innovative
technologies for farmers in India and the developing world
through 2 SPV (the first one - ATASH Seeds Pvt. Ltd. –
has been formed in September 2006), are announcing the
acquisition of a majority stake in two Indian Seed companies.
These acquisitions are keeping in line with the strategy of the
two partners.
Avesthagen is India’s leading systems biology innovation company
that works towards the convergence of food, pharma and
population genetics leading to predictive preventive
personalized healthcare. In addition to its existing seed
product pipeline, Avesthagen holds 41 patents in its
bioAgriculture vertical.
Groupe Limagrain is, through its subsidiary Vilmorin & Cie, a
global leader in field and vegetable crop seeds and is owned by
a French farmers cooperative. It operates in Europe, USA and 29
other countries.
The acquisition of Swagath Seeds Pvt. Ltd., a Hyderabad based
integrated field crop seeds company and Cee Kay Seeds &
Seedlings Pvt. Ltd., a Bangalore based vegetable seeds company,
promises to usher in new technologies in Agriculture for the
benefit of the Indian farmer - truly an Indo-French revolution
of the modern times.
These acquisitions will also serve as a platform to make
Avesthagen’s latest technologies viz, Hybrid Fit, Drought Fit,
Salinity Fit, available to farmers to address problems related
to low productivity under stressed growing conditions.
Avestha Gengraine Technologies Pvt. Ltd. (Avesthagen) was
founded in 1998 by one of India’s pioneers and leading biotech
entrepreneurs Dr. Villoo Morawala-Patell, who got her PhD from
Louis Pasteur University in Strasbourg, France, in 1993. It
began business operations officially in 2001.
Since its inception Avesthagen has grown into one of India's
leading healthcare technology group in India, pursuing its
vision of convergence of food, pharma and population genetics
leading to preventive personalized healthcare. Its activities
include, in addition to its agri-biotechnologies product
pipeline, development of scientifically validated bioactive
nutraceuticals, derived from Indian medicinal plants, as well as
the development of a pipeline of bio-similar drugs. Avesthagen
has four strategic business units: bioPharmaceuticals,
bioNutrition (Food for Medicine), bioAgriculture (Seed for Food)
and Science & Innovation. Avesthagen's partners include multiple
top 10 global companies in each of its fields of research.
Avesthagen collaborates at every stage in the value chain with
appropriate partners, both public and private, for access to and
exchange of technology and overall commercial expertise to
leverage the ‘India advantage’. Avesthagen at present employs
250 people worldwide.
Limagrain is a farmers owned international group specialized
in plant breeding and plant valorization. Based near
Clermont-Ferrand, France, Limagrain, operating through
subsidiaries in more than 30 countries, has revenue of more than
1 billion and spend annually more than € 100 millions in R & D.
Through Vilmorin & Cie, Limagrain is the 4th largest
international seed group. Vilmorin has leading position in seed
field (European leader) and in vegetable seed (World N° 2 for
professional vegetable seeds and N° 1 for home garden seed
products).
With Limagrain Cereals Ingredients, Limagrain is European leader
for functional cereal flours.
With Jacquet, Limagrain is N°2 of French bread slice market.
Limagrain believe that partnership is an essential way to
increase its long-term development capabilities. Limagrain,
which has already entered in several strategic partnerships, in
biotechnologies research domain (Biogemma, Génoplante, Keygene)
and in business (AgReliant in North America, etc…), plan to
develop complementary partnerships, especially in emerging
countries like ’India or China.
ATASH Seeds Private Limited is a joint venture between
Avesthagen and Groupe Limagrain of France for the purpose of
conducting research programs aimed at developing novel seed
varieties for the farmers in Karnataka and across India.
Other news
from Limagrain
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Source:
The
Economic Times
Avesthagen,
Limagrain pick stakes in Indian cos
Leading biotech company Avesthagen and French plant
breeding major Groupe Limagrain on Wednesday said
they have jointly acquired majority stakes in two
Indian seed companies.
The two partners said that they will hold majority
stake in Hyderabad-based integrated field crop seeds
company Swaghat Seeds Pvt Ltd and
Bangalore-based vegetable seeds company Cee Kay
Seeds and Seedlings Pvt Ltd.
These acquisitions are in line with the strategy of
the two partners and will also serve as a platform
to make Avesthagen's latest technologies like hybrid
fit, drought fit, salinity fit, available to farmers
to address problems related to low-productivity
under stressed growng conditions, a joint statement
said.
When contacted, Avesthagen Vice-President
Communications and External Affairs Manan Bhatt
declined to comment on the the financial details of
the acquisitions.
Avesthagen and Groupe Limagrain had last year joined
hands to form Atash Seeds Pvt Ltd to develop
innovative technologies for farmers in India.
French firm Limagrain is a farmers owned
international group specialised in plant breeding
and valorisation. On the other hand, Avesthagen
holds about 41 patents in its bioagricultural
vertical. |
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