B'glore: Karuturi Nt to takeover Sher, Netherlands

Bangalore, Feb 16: Karuturi Networks, a bangalore based firm soon to acquire Sher, Netherlands, the world's largest producer and supplier of roses for about $ 50 million (Rs 220 crore). Sher's greenhouses in the Netherlands, Kenya and Ethiopia produce 600 million roses annually.

Mr. Ramakrishna Karuthuri, MD of Karuthuri Networks confirmed the deal. The acquisition will be funded through internal accruals and the proceeds of a million foreign currency convertible bond issue. UTI Bank and the London based Silverdale Services are involved in the deal.

Mr. Karuturi, who was a mechanical engineer by profession, shifted from his cable business 12 years ago to plant high-value stem roses for a living. He set up Karuturi Networks, which now processes 12 million roses annually.

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