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Sri Biotech venture with S.African firm

Special Correspondent

HYDERABAD: Sri Biotech Pvt. Ltd., an agri-biotech company, on Saturday, signed an agreement to form a joint venture (JV) with Ocean Agriculture (Pty) Ltd. of South Africa.

Announcing this at a press conference, CEO of Sri Biotech, K. R. K. Reddy, said the investment into the joint venture would be $5 million.

While Sri Biotech would participate in the venture by transferring its technology on the development of viruses, bacteria and fungi for making biological and organic fertilizers and pesticides, Ocean Agriculture would fund the registration process and set up research and development facilities for climate, soil and crop-specific organic and biological formulations.

Chief Operating Officer of Ocean Agriculture, James Cockburn, said the demand for residue-free agricultural products was growing across the world.

South Africa focussed mostly on horticultural products and was a big exporter to the European countries.

Explaining about Sri Biotech’s expansion plans, Mr. Reddy said the company was ramping up its production capacity from the current 300 tonnes to 3,000 tonnes of biological agricultural inputs.

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