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Rallis India on Thursday said it is planning to raise stake in Zero Waste Agro Organics to 51 per cent by next financial year.
“We are aiming to increase our stakes in Zero Waste Agro to 51 per cent by 2013—14,” said, V Shankar, Rallis India Managing Director and CEO.
During the quarter ended December 31, 2012, the Tata Group firm acquired 22.81 per cent stake in Zero Waste Agro Organics.
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 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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