Hyderabad, Jan. 26 Nuziveedu Seeds Private Ltd, the flagship company of the Rs 2,000-crore NSL group, has acquired 51 per cent each in Yaaganti Seeds and Pravardhan Seeds for a total consideration of Rs 25 crore.
Nuziveedu has a share of 35 per cent in the Rs 1,200-crore Bt cottonseed market in the country. "We are planning to increase this share to 55 per cent in the next five years," Mr M. Prabhakara Rao, Managing Director of the group, said.
Nuziveedu Seeds contributed Rs 500 crore to the group's turnover. Addressing a press conference here recently, he said the two companies would be allowed to run independently.
The group had recently tied up with Blackstone for investments up to Rs 400 crore. Formalities like getting the court nod and other statutory permissions were being worked out, he said. "We expect the flow of funds by the end of February or March, 2009," he said.
The diversified group, with interests in textiles, sugar and seeds, was in the process of setting up a 3,500 tcd (tonnes crushed a day) in Mahboobnagar with an investment of Rs 400 crore. This would have a 25-MW congeneration capacity, he said. This would be a subsidiary to Krishnaveni Sugars, the unit with a similar capacity, in the Mandya district of Karnataka.
Textiles The group had so far completed two phases of the Rs 1,100-crore textile facility in Guntur district. "We have tied up with farmers for contracting farming of cotton in two lakh acres in Guntur and neighbouring districts. "The third phase would be completed by early next year," Mr Prabhakara Rao said.