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Crystal Crop acquires BASF's fungicide brand Bavistin
Jul. 12, 2016
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BASF Agricultural Solutions
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Indian agrochemical firm Crystal Crop Protection acquired a fungicide brand 'Bavistin' from BASF that would help raise the company's revenue by 7-8 per cent.
Delhi-Based Crystal Crop Protection Pvt Ltd, which posted a turnover of around Rs 1,200 crore in the previous fiscal, did not disclose the acquisition value.
"We have signed a memorandum of understanding (MoU) with BASF SE, Germany and BASF India to acquire Bavistin (carbendazim)," said Ankur Aggarwal, Managing Director of Crystal Group.
The market of Bavistin brand in India is more than Rs 100 crore (at farmers' price) with application of around 70 lakh acre. It is used in fruits, vegetables, cereals, oilseeds and pulses, he said.
The size of the domestic agrochemical market is about Rs 16,000 crore, of which around Rs 3,000 crore is fungicides.
Aggarwal said the company's turnover could rise by about 20 per cent this fiscal on the back of good monsoon and acquisition of Bavistin brand.
Bavistin would be formulated and produced in the company's manufacturing facilities at Jammu.
Crystal group has three manufacturing facilities -- two in Jammu and one in Haryana. The company is into agrochemical, agro-equipment and seed business.
Private equity firm Everstone Capital had invested about USD 30 million in the company in 2012 and has about 9 per cent stake.
Asked about any plans to launch Initial Public Offer (IPO), Aggarwal said: "There is no immediate plan. We are exploring various options".
With the introduction of Bavistin in the product portfolio, the company aims to focus more on speciality products and brands, Crystal Sr Vice President Marketing C S Shukla said.
Source: Money Control
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