Multinational agrochemical company Monsanto has decided to sell its small branded cotton seed business in India to a local firm, Tierra Agrotech Pvt Ltd, a company spokesperson said on Friday. Monsanto Holdings Pvt Ltd, which sells the company’s Bollgard I and Bollgard II seeds, will exit the cotton business, Reuters reported.
“Given the strategic choices, we have signed an agreement with Tierra Agrotech Private Ltd to pursue the sale of the branded cotton seed business, which will be effective subsequent to the necessary approvals,” Monsanto said in a statement. But the company spokesperson declined to comment on the sale price.
Monsanto, the world’s biggest seed producer, said Mahyco Monsanto Biotech (India), a joint venture with agricultural firm Mahyco, will continue to sell other genetically modified cotton seeds in the country.