AgroPages-Insecticides India plans JVs with global agrochem firms-Agricultural news

Related News

Eyeing to double its profits, the insecticides producer Insecticides India proposes to enter into joint ventures with global agro-chemical firms and also look at acquisitions, said its top executive.

According to the report of The Economic Times, Rajesh Aggarwal, Managing Director of Insecticides India, said, "We are in advance stage talks with a Japanese and an American company to form joint ventures to market their products in India."

The company plans to launch five to six molecules this year and the number may even touch ten if the deal with foreign companies materialise, he said. A few days ago, the company just announced that they have launched a new post-emergence herbicide Green Label, which manufactured in India for the first time using advanced technology.

At present, the company has tie-ups with Nissan Corporation (Japan) and OAT Agrio for marketing their products and conducting R&D in India. The New Delhi-based firm also expects to complete an acquisition by the end of the year.

However, Agarwal refused to disclose further details on the buyouts. The company had earlier acquired 21 leading brands of Montari Industries, a part of Ranbaxy Group in 2003 and acquired Monocil brand from nocil in 2011.

Agarwal said the company was eyeing to double profits this fiscal, which stood at Rs 40 crore last fiscal. The publicly-listed entity had cloaked in revenues of Rs 988 crore last year and expects grow sales at least by 20% this fiscal.