Business News | At 30th AGM, Best Agrolife Passes Resolution on Best Crop Science Acquisition
Get latest articles and stories on Business at LatestLY. Best Agrolife Limited, a leading agrochemical company and one of India's largest manufacturers of agro-inputs, in its 30th Annual General Meeting (AGM) passed resolution on the acquisition of Best Crop Science Private Limited by Issue of Equity Shares on a preferential basis to the shareholders of Best Crop Science Private Limited as consideration other than cash.
New Delhi [India], September 30 (ANI/NewsVoir): Best Agrolife Limited, a leading agrochemical company and one of India's largest manufacturers of agro-inputs, in its 30th Annual General Meeting (AGM) passed resolution on the acquisition of Best Crop Science Private Limited by Issue of Equity Shares on a preferential basis to the shareholders of Best Crop Science Private Limited as consideration other than cash.
Best Agrolife Limited acquired Best Crop Science Pvt. Ltd., for backward integration in the form of technical manufacturing of insecticides, herbicides, Fungicides & PGRs on September 2, 2021. The company informed that the acquisition will further help it in diversification of risk, and increase its revenue by 40% on the back of recently announced in-demand products.
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Talking about the acquisition, Vimal Alawadhi, Managing Director - Best Agrolife Ltd., said, "Part of the rationale behind the M&A is it will enable us to utilize our expertise in increasing the reach through our strategic alliances with leading agrochemical companies of India & through an extensive network of 3000+ distributors and dealers. Of course, one of the byproducts of this M&A would be the distinct ability to serve the market better. We intend to play a vital role in the effective management of crop disease, improving the yield and profitability of farmers across the globe."
At the AGM, the company informed that it becomes the first agrochemical company in India to manufacture and market Trifloxystrobin Technical, a fungicide which has enormous demand in the domestic and global markets of North America, Europe, Asia-Pacific, South America Middle East, and Africa.
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The company has also received the license to manufacture Picoxystrobin Technical. The company plans to launch a commercial formulation of Picoxystrobin in the Kharif season of FY22. The local manufacturing of Picoxystrobin will give cost reduction benefit and help the Indian farmers in their struggle to mitigate this huge recurring loss of yields at large. The total strobilurins including their admixtures domestic market size currently is pegged at Rs. 2,500 crores and growing at a healthy CAGR of 18%.
The indigenous manufacturing of Picoxystrobin Technical can help the company to take the advantage of manufacturing capabilities and minimize the dependency on imports for this important fungicide.
"Currently, the Picoxystrobin formulation is imported in India with this license, we aim to tap the domestic market requirement of Picoxystrobin Technical, estimated close to Rs. 125 crores," added Alawadhi.
The Delhi headquartered company also plans to own subsidiary companies in Africa & the EU markets.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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