Advanta buys out Golden Seeds

New Delhi, Jun 1 (UNI) Advanta India Ltd today said it will buy Golden Seeds Pvt Ltd for Rs 60.10 crore.

The acquisition will provide Advanta a platform in vegetables seeds and will help it develop a strong position in the Indian and Asian vegetables seed market, a statement said.

In addition, it will leverage the strong brand equity of Golden seeds, their proprietary germplasm base, excellent breeding programmes and outstanding production capabilities.

The company expects to pay about Rs 17.50 crore for inventory and receivables, it added.

Golden's operations are based in Bangalore and Delhi and have a major presence in crops like Cabbage, Cauliflower, Tomato and Gourds.

UNI