Blackstone to invest Rs 400 crore in NSL

Written by Agencies | Mumbai | Updated: Dec 30 2008, 18:40pm hrs
Global investor, Blackstone plans to invest upto USD 80-million (Rs 400-crore)in Hyderabad-based hybrid-seed company NSL Seeds that would help the latter to fuel its growth plans.

"We are investing anywhere between USD 50-80 million in NSL. The investment would be done in the first week of April and may go up in size later," a source close to the development said in Mumbai.

NSL Seeds is the flagship company of the NSL Group and is mainly engaged in the R&D, production and marketing of seeds and has a 35 per cent marketshare in the segment.

"Blackstone's involvment will be very valuable in our journey from a privately-held company to a publicly-listed world class Bio-Agri franchise," NSL Group's Chairman and Managing Director, Prabhakar Rao said.

Both companies signed the agreement on Tuesday.

NSL plans to use the fund to boost its R&D activities production and marketing of seeds. The company has 25 stocking depots, 1,000 distributors and 20,000 sub-dealers across the country.