Origin Agritech to set up seed jv in China
Chinese agricultural biotechnology company Origin Agritech is to establish a seed production and distribution company in the Xinjiang region as a joint venture collaboration with state-owned seed company Xinjiang Jinbo Seed. Origin will invest up to $15 million for a 51% stake in the new company that would cater to the domestic market and would double Origin’s production capacity. Production is scheduled to commence by December, with a stepwise ramp up to the full facility by August next year. The proposed location will become final pending local approvals. The facility is designed to allow 50,000 tons of seed production capacity, Origin says.