Article: France : Avesthagen forms JV with French co-operative group.

Byline: pinto03

Biotechnology firm Avesthagen today said it has formed a joint venture, Atash Seeds, with French cooperative group Limagrain and will invest up to $40 million in the next three years.

The new entity would be based in Hyderabad and is going to be headed by a chief executive officer from Limagrain.

Avesthagen founder and promoter Villoo Morawala-Patell would be the chairperson of the new company, the company said in a statement.

Avesthagen expects Atash Seeds to generate at least $100 million per annum in the next five years for which it will need to invest $30-40 million in the next three years, it added.

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