French agri products firm Vilmorin & Cie, which produces and markets vegetable and crop seeds, has acquired the remaining 39 per cent stake in Andhra Pradesh-based Bisco Bio Sciences Pvt Ltd from its promoters for $25.4 million.
With this acquisition, Vilmorin has got full control over Bisco and it will enable the French firm to set up its footprint in the Indian corn market.
Last May, Vilmorin acquired 61 per cent stake in Bisco for an undisclosed amount.
This is the second Indian firm acquired by Vilmorin. Last October, it acquired Delhi-based Century Seeds Pvt Ltd for $7 million.
Founded in 2005 and located in Secunderabad, Bisco manufactures hybrid seeds, bio fertilisers & bio pesticides. It is one of the key players in India for hybrid seeds of maize, bajra, jowar, sunflower, paddy, mustard, vegetable crops and more.
Paris-based Vilmorin produces and sells vegetable and field seeds for the professional agri-food market. The company also provides field seeds including cereal and oil crop seeds such as corn, straw cereals, rapeseed and sunflower, as well as wheat and barley, for farmers.
(Edited by Sanghamitra Mandal)