Dec. 16, 2014
The Oman India Joint Investment Fund (OIJIF), a joint investment fund set up by State Bank of India (SBI) and Oman's sovereign fund State General Reserve Fund (SGRF), has invested Rs 95 crore in GSP Crop Science, a Indian agrochemical company.
GSP Crop Science, which was established in 1972 to manufacture single super phosphate (SSP) fertiliser, today manufactures pesticide formulations as well as technical agrochemicals ingredients. Its portfolio comprises more than 70 branded products, which are marketed through an extensive pan-India network of 5,000 distributors. GSP exports its products to 25 countries.
“We believe there is a huge potential for growth in agrochemical sector in India driven by growing awareness among farmers and favourable political impetus to increase farm productivity. With OIJIF's investment and our internal resources, GSP aims to double its market share in coming 3 years,” said Kenal Shah, managing director, GSP Crop Science Private Limited.
S Srinath, CEO, OIJIF said, “We invested in GSP Crop Science based on its underlying strengths in research and development leading to innovative products, marquee multinational and domestic customers, prudent mix of branded products and bulk sales in India and abroad. It has a strong product positioning in the market and is a leader among its peers.”