Mahyco picks up 60% stake in Zimbabwean seed firm Quton

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. Source: Bloomberg