Advanta acquires Unicom Seeds; stock up 8%

MUMBAI: Advanta India has acquired the business of Unicom Seeds by acquiring 100 per cent stake, for a consideration that includes deferred payment based on achievement of performance related milestones. Unicom has a strong presence in the domestic and export markets of vegetable seeds. The revenue size for the last financial year was Rs 25 crore and the EBITDA earning capacity was about 30 per cent.

With this acquisition, Advanta's platform in vegetable seeds will become stronger with added crops to its current vegetable product portfolio.

Unicom Seeds headquarter is in Hyderabad and the production activities are concentrated in Karnataka. It is significantly engaged in custom production for key vegetable seed suppliers in Europe, Asia and US. On Friday, Advanta shares ended up 5.40 per cent at Rs 1,551.85 on BSE. Today the stock was up nearly 8 per cent at Rs 1,675 at 10:13 am.