PI Industries acquires agrochemical firm lsagro Asia
Date:12-31-2019
PI Industries Ltd. announced the completion of its acquisition of lsagro (Asia) Agrochemicals Private Ltd (lsagro Asia) from lsagro Spa and its affiliates, a deal which was signed in Nov 2019.
The total transaction value is Rs345cr plus surplus cash on closing date subject to final adjustments for net working capital.
lsagro Asia, who are engaged in contract Manufacturing, local distribution and exports of agrochemicals, have reported revenue of Rs314cr and net profit of Rs23cr for the year ended 31st March, 2019. It has a 30-acre manufacturing site including production plants for agrochemical technical and formulations adjacent to PI's manufacturing unit in Panoli.
This acquisition will provide access to additional manufacturing capacities, synergy benefits of adjacent manufacturing site, long-term contract for export of products to lsagro Spa, and will help PI strengthen its position in domestic market by leveraging complementary product portfolio and pan India distribution channel of the acquired entity.
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