CIAN Agro Industries & Infrastructure has received an approval to acquire the entire 100% paid-up equity share capital of Purti Agrotech, comprising of 20,24,850 fully paid equity shares of Rs 10 each, making it a wholly owned subsidiary of the company. The board of directors at its meeting held on April 22, 2017 has approved for the same.
This step has been taken in order to achieve backward integration by acquiring manufacturer/supplier of spices as the company has decided to launch spices under its own brand of ‘CIAN Spices’ and also to increase the operational efficiency, better control and specialized management in the spices business segment.
CIAN Agro Industries & Infrastructure is manufacturer of Refined Soyabean Oil ‘Amrutdhara’ and Refined Kardi (Safflower) Oil ‘Yash’ through well established network in Maharashtra and Madhya Pradesh.
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