The Hindu : Chambal acquires major stake in Australian firm

Online edition of India's National Newspaper
Tuesday, Jul 01, 2003

Business

Business

Chambal acquires major stake in Australian firm

CHANDIGARH JUNE 30. As part of its business strategy to enter the global seed potato market, Chambal Fertilisers and Chemicals, a flagship company of the Rs. 5,000 crore K. K. Birla promoted Zuari-Chambal group of companies, has acquired 51 per cent controlling stake in the Australian agri-biotechnology giant, Technico Pty Ltd, with an investment outlay of Australian $18.5 million.

The company also plans to develop India as a production hub for its global consumer base, a company release said here.

Technico Pty Ltd of Australia is a high-technology driven company specialising in the usage of advanced agricultural practices for the potato industry and has developed its proprietary Techniturber Technology for the rapid multiplication of early-generation high-quality potato seeds, the release added.

Chambal Fertilisers, since March 1999, has a 50:50 joint venture with Technico-Chambal Agritect Limited (CAL), to produce early-generation high-quality potato seeds for the domestic and overseas market.

— PTI

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