Bayer’s Monsanto, India’s NSL reach ‘amicable settlement’ on IP dispute – News 24-7 Live News 24-7 Live
Bayer’s Monsanto, India’s NSL reach ‘amicable settlement’ on IP dispute

Bayer’s Monsanto, India’s NSL reach ‘amicable settlement’ on IP dispute

The German company said it had resolved “outstanding issues and differences” over the dispute, giving no further details. Two sources familiar with the matter said the companies had reached a legal settlement that would end all ongoing litigation.

Bayer AG said on Friday it had reached an “amicable settlement” in its Monsanto unit’s long-running intellectual property dispute with Indian seed maker Nuziveedu Seeds Ltd NUZI.NS (NSL) over genetically modified cotton seeds.

In a statement to Reuters, the German company said it had resolved “outstanding issues and differences” over the dispute, giving no further details. Two sources familiar with the matter said the companies had reached a legal settlement that would end all ongoing litigation.

NSL did not immediately respond to a request for comment.

Mahyco Monsanto Biotech (India) (MMB), a joint venture between Monsanto and India’s Maharashtra Hybrid Seeds Co (Mahyco) had been at loggerheads with the NSL and the Indian government over how much it could charge for its genetically modified cotton seeds.

The dispute triggered a clutch of legal cases, antitrust investigations and orders against Monsanto from the farm ministry, costing Monsanto tens of millions of dollars in lost revenue each year and eventually drawing in the Indian and U.S. governments.

News Source:- Business Today

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