ITC takes over Australian agri-biotech Co
Diversified major ITC Ltd has taken over Australian agri-biotech company Technico Pty Ltd for an undisclosed sum, as part of a strategy to strengthen its foods business.
The deal was executed through its subsidiary Russell Credit, ITC, which launched potato chips under the brand Bingo, informed the stock exchanges on Friday.
An ITC spokesperson said the acquisition of Technico will help improve the profile of the company's foods business, but declined to provide financial details of the takeover.
Technico is an agri-biotech company with operations in Canada, China, India and Middle East through its subsidiaries.
Technico has relocated its corporate office in Chandigarh which is responsible for the group's strategic business development initiatives, financial management and overall global operations monitoring.
Technico provides bulk potato supply chain management, and has the award winning ‘TECHNITUBER’ seed technology which it claims would revolutionise the global seed potato industry.
Technico has seed manufacturing facilities in China, Canada, and Manpura in Himachal Pradesh.
The potato company provided supply chain solutions to global customers by using proprietary technology and a technology platform to implement affordable early field generation seed potato programmes, reduce seed exposure to soil-borne pathogens and rapidly introduce new varieties.
The Technico trading division utilises its extensive global reach to source potatoes throughout the year for bulk users.