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ADAMA Agro plans to invest $50 mn in India
Dec. 9, 2014
ADAMA Agrochemicals (formerly known as Makhteshim Agan Industries) plans to invest at least $50 million (approximately Rs 300 crore) in India over the next three years.
Addressing journalists in Hyderabad on Monday, ADAMA's global president and chief executive Chen Lichtenstein said the idea was to expand both manufacturing and research and development facilities in India aimed at growing better than the average industry growth.
The global producer of generic agrochemical products, which entered in India in 2009, has so far invested $50 million on a manufacturing facility at Dahej in Gujarat and an R&D centre in Hyderabad. The company was looking doubling investments aimed at faster growth, and now has over $550 million cash reserves to help its global expansion plans.
The $3.1 billion company currently earns around 5% of its global revenue from India and is targeting to improve the contribution to over 6% over the next couple of years, reporting over 20% growth as against some 9% growth now being reported by the $2 billion Indian agrochemicals industry.
ADAMA India currently has 70 product registrations in India and wants to introduce 2-3 new products every year, said Yossi Goldshmidt, president and CEO of the Indian arm, which now employs around 1,500 people.
ADAMA group, which at present manufactures high volume off-patented and high value complex off-patented agrochemical products, is looking at increasing focus towards unique mixtures and formulations and innovative speciality products.
Source: The Economic Times
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