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Nath Bio-Genes (India) Limited announces acquisition of technology from Global Transgenes Limited
May. 8, 2020
Global Transgenes Limited (GTL) is a company engaged in basic research and application aimed towards development of novel genetic stocks and breeding lines of crop plants, using tools and techniques of modern biology, particularly in molecular biology.
GTL had developed Fusion Cotton Seeds Portfolio in joint association with Chinese Academy of Agriculture Sciences, Beijing and Bio century Transgenes Corporation (China) Limited through the elaborate regulatory process for widespread trials leading to approvals for commercialization from GEAC. The Technology provides cotton crops with resistance against bollworm complex resulting in reduction of pesticides use and consequent increase in yields.
GTL's hybrid cotton seed portfolio encoding fusion BT gene has since been evaluated in Philippines, Sudan, Myanmar and Uzbekistan. Trials have been conducted successfully and regulatory approvals are expected to be received soon.
The company has ambitious plans for export of value added seeds embedded with Fusion Technology. The company has therefore decided to acquire exclusive rights from GTL for commercialization of Fusion Bt. Cotton seeds to Sudan, Uzbekistan, Myanmar and Philippines.
The company appointed ZADN & Associates, Mumbai (Chartered Accountant) for the purposes of valuation for acquiring the said portfolio of seeds from GTL.
In order to determine the value, management has prepared a consolidated business plan for (Sudan, Uzbekistan, Myanmar and Philippines) factoring sales, cost of production, marketing etc. The same has been considered for the purpose of the proposed Transaction.
Based on the report of ZADN & Associates, the company is pleased to announce acquisition of the said portfolio of Fusion cotton seeds from GTL on exclusive basis for total consideration of Rs. 1194.90 Lacs. There would be NO effective Cash outflow of our company for the acquisition as the same would be adjusted against the existing related party receivables.
In addition to the rights on products, the acquisition of GTL also includes taking over of its world class laboratory conducting genetic research along with the staff and other paraphernalia.
This acquisition completes the re-structuring for Nath Bio-Genes (India) Limited where in entire seed business and related activity becomes a part of the operations. With this acquisition, the company becomes a completely integrated seed company with over 25000 germplasms, top agri scientists of the country plus seed development rights across Myanmar, Philippines, Sudan and Uzbekistan.
Source: Equity Bulls
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