Crystal Crop inks pact with Bayer to acquire 4 hybrid seeds

Agro-chemical firm Crystal Crop Protection Ltd (CCPL) on Wednesday said it has entered into a definitive agreement with global life sciences firm Bayer to acquire four hybrid seeds -- cotton, mustard, pearl millet, and grain sorghum -- in India.

The two companies will work together to close the transaction by December this year, the CCPL said in a statement.

The business to be acquired by CCPL represents a very small portion of Bayer's Indian and global business portfolio, it added.

Commenting on the acquisition, CCPL Chairman N K Aggarwal said, ''Staying true to our vision of inspiring growth of Indian farmers, this acquisition is a step forward to provide high-performance seeds for sustainable growth of Indian agriculture.'' CCPL's seed business CEO Sarjiwan Manhas further said that the crops to be acquired have an excellent strategic fit in the company's seeds portfolio and will support in improving the company's footprints in the Indian seeds market.

Bayer CropScience Senior Representative (South Asia), CEO and Managing Director D Narain said, “While we have divested a small portion of our business portfolio, Bayer remains fully committed to the long-term growth of Indian agriculture and will continue to bring next-generation technologies that drive agricultural productivity, enable farmer prosperity and promote sustainable agriculture.'' With this acquisition, CCPL said it will become strong in its field crops seed business as it comes with powerful brands and R&D capabilities.

The company has seven manufacturing plants in Gujarat, Maharashtra, and Haryana.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)