Private equity backed Nuziveedu Seeds Ltd (NSL) has acquired 51% stake in two seed manufacturing firms. Hyderabad-based NSL has acquired stake in two city based firms, Pravardhan Seeds and Yaaganti Seeds, for a total sum of Rs 35 crore.
Private equity major Blackstone invested upto $80 million or Rs 400 crore for less than 25% stake in Nuziveedu in December last year. Though the funds will come by February or March this year, the acquisitions by NSL comes soon after announcement of the private equity deal.
Acquisitions by private equity backed companies are expected to rise this year. The valuations across the industries have become attractive, and PE-backed firms may have the cash to acquire the targets.