Wednesday, July 2, 2008

Karuturi may sell stake in Ethiopia unit

BANGALORE: Karuturi Global, worlds biggest floriculture company, expects to sell a part of its stake in its Ethiopian subsidiary to private equity players by August and is aiming at a valuation of close to $1 billion for the overseas unit.

This stake sale will help fund Ethiopian Meadows planned projects in floriculture as well as sugarcane and oil-palm cultivation and processing. Our programme in Ethiopia is drawing attention of various private equity players. It would not be possible to divulge the names of entities at this point of time.

We have also commenced our search for setting up base in Ecuador and Colombia, Karuturi chief Managing Director, Karuturi S Ramakrishna said. Karuturi is believed to be looking to sell a 10-15% stake in the subsidiary.
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