Russell Credit Limited, a wholly owned subsidiary of ITC Limited, has acquired 100% equity stake in Technico Pty Limited, Australia (Technico) from its promoters comprising Chambal Biotech Pvt Ltd, Singapore, a K.K.Birla group company, Gresham Rabo, a fund management company and other institutions/individuals based in Australia. Technico has operations primarily in India, Canada and China.

The acquisition is expected to provide strategic sourcing support to ITC’s Salty Snacks business through secured long-term access to high quality chip grade potato seeds. ITC had earlier launched ‘Bingo!’ in 16 different varieties, including potato-based salty snacks, which has received encouraging support in the market garnering shares of over 10 % in the markets it serves. The acquisition of Technico Pty Limited will provide a strong synergy to the potato-based value chain, enhancing farmer capabilities through access to high quality seeds and internationally benchmarked best practices in agronomy. This is in line with ITC’s abiding philosophy to contribute to the development of the agriculture-based rural economy and secure competitiveness of the value-chains created by the Company through its agri and foods businesses.

ITC’s extensive ‘e-Choupal’ network will leverage the proprietary technology [TECHNITUBER®], which enables the rapid multiplication of seed potatoes from pathogen tested plantlets in controlled environments, to provide improved and consistent yields to farmers. The Company will also use its sourcing strengths to make available such superior quality horticulture produce through its ‘Choupal Fresh’ stores. This is also expected to benefit vendors and other intermediaries in the retail chain through higher value realisation.

The acquisition reflects ITC’s endeavour to create enduring value in its agri-food business by bringing superior R&D based technology to agriculture, thereby empowering farmers and enabling higher returns to both the agri and retail value-chains.