Rallis India to up stake in Zero Waste Agro to 51pc by FY14
"We are aiming to increase our stakes in Zero Waste Agro to 51 per cent by 2013-14," Rallis India Managing Director and CEO V Shankar told reporters here.
During the quarter ended December 31, 2012, the Tata Group firm acquired 22.81 per cent stake in Zero Waste Agro Organics.
Early last year, Rallis had entered into definitive agreements for the acquisition of the company.
Meanwhile, the company has acquired additional shares in Metahelix Life Sciences (Metahelix) during the third quarter, increasing its shareholding to 77.02 per cent as on December 31, 2012, from 75.64 per cent.
"We have registered a 12 per cent growth in revenues so far this fiscal despite rather difficult environment both for agriculture and markets. Our focus and activities around farmer relationships and brands have helped us to strengthen our market position," Shankar said.
Talking about the company's programme related to pulses, he said Rallis ventured into Bihar and Odisha in the third quarter.
Rallis is already present in Tamil Nadu, Maharashtra, Karnataka and Madhya Pradesh, covering 604 farmer groups and 7.5 lakh hectares of land. "Over five years we aim to reach 1 million farmers under our pulses programme," he added.
The company, which announced its Q3 results yesterday, reported nearly a three-fold jump in consolidated net profit at Rs 22.03 crore for the quarter compared to Rs 7.66 crore in the third quarter of FY12.
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