Leading agri-biotech company Maharashtra Hybrid Seeds Company (Mahyco) today said it has acquired 60 per cent interest in a Zimbabwe-based seed firm, Quton Seed Company, for an undisclosed sum.
This acquisition will help Mahyco reach cotton farmers with small landholdings in Africa, a statement from the company said, adding Quton is the largest cotton seed company in Africa with presence in Zimbabwe, Malawi and Tanzania.
Commenting on the acquisition, Mahyco managing director Raju Barwale said: "This acquisition enables us to place ourselves strongly in the African region and is another milestone in the 50th year of our service to farmers."
Morgan Nzwere, group chief executive of Seed Co, the parent of Quton, said the deal will help his company take the business forward in terms of new technologies, particularly the introduction of hybrid cotton seed in Africa.