In a recent statement, the Advanta India has announced that it has recently acquired the seeds business of the Unicorn Group, named the Unicorn Seeds (Unicorn) for an investment of Rs. 65 crore. The sources from the industry have informed that the Unicorn Seeds is based in Hyderabad and it is operating some research and development (R&D) facilities in Bangaluru and Hyderabad in both the cities of Hyderabad and Bangaluru. The sources also said that the seed production activities of the company are primarily concentrated in the state of Karnataka.
While informing about the acquisition, the Chief Financial Officer of Advanta India, Mr. Manoj Gupta said, "The company has acquired 100% shares of Unicorn for a consideration of Rs 65 crore, which includes deferred payment spread over 2-3 years based on performance-related milestones". Mr. Gupta was also talking about the reasons behind the company acquiring Unicorn and said, "Unicorn has revenue of around Rs 25 crores of which Rs 8-9 crore is through exports. The seed business has an EBITDA of 25-28%".
Advanta India has already informed the Bombay Stock Exchange about the acquisition through a release issued on Monday and said that the Unicorn is having a very strong presence in the domestic and export markets of vegetable seeds. The company also informed that Unicorn is also undertaking custom production of seeds for it global customers as well. According to a top official of the company, Advanta India will get a lot of help from the acquisition in strengthening its vegetable seed business further. Apart from that, the key crops of the Unicorn Seeds like tomato, eggplant, hot pepper, okra, musk melon, cucumber and water melon will also be added to the vegetable product portfolio of Advanta India.
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| Posted : 1/8/2008 |
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