Crystal Crop aims to enhance presence in Indian agriculture market
Agri-chemical firm Crystal Crop Protection Tuesday said it has acquired Swiss-based Syngenta's three brands -- Proclaim, Tilt and Blue Copper, in India.
Crystal Crop Protection also plans to launch its IPO to raise an estimated Rs 1,000 crore.
This acquisition from Syngenta will enhance Crystal's penetration in the pulses, cotton, rice, wheat, vegetable and grapes markets in India, Crystal Crop said in a statement.
Crystal Crop Protection manufactures crop protection products which include insecticides, fungicides, herbicides and plant growth regulators and bio-stimulants.
"The Competition Commission of India (CCI) directed the divestment of these brands to Crystal while approving the global acquisition of Syngenta by ChemChina. We are confident that Crystal will continue to steward the products for the benefit of the farming communities," Syngenta India's MD Rafael Del Rio said.
Commenting on the acquisition, Crystal Crop MD Ankur Aggarwal said this acquisition is in line with the company's vision and philosophy of ensuring growth for all the stakeholders.
"Inclusion of high equity brands in our portfolio will strengthen us to provide best in class crop protection solution to farmers and thus increase their farm productivity," he added.
This is the company's fourth acquisition in the calendar year 2018.
The first acquisition was of the manufacturing facility at MIDC, from Cytec India Specialty Chemicals & Materials Pvt Ltd, the second was the purchase of Indian gram sorghum, pearl millet and fodder sorghum seeds business from Syngenta India, Devgen NV, Belgium and Devgen Seeds and Crop Technology Pvt Ltd.
The third was the acquisition of four brands namely Furadan, Splendour, Affinity Force and Metcil from FMC India Ltd.
Crystal has made a number of acquisitions in the past few years.
Crystal signed an agreement with Germany's BASF SE in 2016 to acquire the brand Bavistin for use in India. It also acquired Hyderabad-based company Rohini-Seeds Pvt Ltd and Rohini Bioseeds and Agritech Pvt Ltd in 2011, which has brought its presence in the seeds market.
(With inputs from agencies.)