Mumbai: Advanta India, a subsidiary of United Phosphorous Ltd, said on 20 June it has bought the sunflower seed business of US-based Limagrain for an undisclosed amount.
The acquisition was carried out through a subsidiary of the company and contains mainly the sunflower breeding program based in Fargo ND, US, the Bangalore-based agronomic seed firm said in a filing to the Bombay Stock Exchange.
The business would continue to operate from its Fargo, North Dakota base along with all of the current staff.
The acquisition would enhance Advanta’s ability to service customers in the US and Canadian markets as well as provide a broader product base to offer to our international customers, the company added.
The sunflower seed business of Limagrain is engaged in breeding and marketing sunflower hybrids for both the domestic and international markets using a multi-channel, private label marketing and distribution model.
Advanta said the acquisition would further strengthen its existing sunflower breeding programs across the world. At present, the company has a large market share in Asia Pacific, Africa and Latin America.
Advanta had earlier acquired the seed business of Garrison and Townsend.
Advanta shares were trading at Rs900.10, down 0.43% on the BSE in morning trade.