Advanta buys LongReach

Advanta India Ltd has informed that Pacific Seeds Australia, a subsidiary Company of Advanta India Ltd, has purchased a controlling share of LongReach Plant Breeders (LongReach), a wheat seed breeding Company based in Australia for the sum of A$ 12 million subject to the achievement of established breeding targets to 2011.

The remaining share hold will continue to be owned by seeds and genetics Company Syngenta Seeds Pty Ltd.

This acquisition bolsters the Company's 2004 entry into the Australian wheat seed industry, providing a plant breeding and germplasm platform from which to grow this expanding business.

LongReach, through its links with Syngenta Seeds' global cereal breeding network, has access to the best available breeding technology and evaluation systems, as well as proprietary traits and germplasm from all major wheat producers. As a result LongReach has one of the fastest wheat breeding cycles in the world, deployed in a solid commercial business structure.

It is planned to utilise Pacific Seeds' strong brand recognition in the Australian market and LongReach plant breeding and germplasm credentials to establish a leadership position in the Australian wheat seed business.

Pacific Seeds has a marketing system of wheat seed associates based throughout the Australia wheat belt and similarly LongReach has breeding and evaluation programs throughout these areas as well.