Agrochemicals company Safex Chemicals India Ltd said it has bought Gujarat-based firm Shogun Lifesciences Pvt Ltd, for an undisclosed amount.
Safex in a statement said it has acquired Shogun Lifesciences through its wholly-owned Pune-based subsidiary Shogun Organics Ltd which manufacturers home care active ingredients. The company acquired Shogun Organics in 2021.
Shogun Lifesciences makes aluminium phosphide and zinc phosphide, and has manufacturing units near Ahmedabad.
Safex also claimed to have acquired an eight-acre plot along with Shogun Lifesciences, which will be used to boost the supply chain efficiency of existing and future businesses.
The company plans to add more facilities to build multi-product formulation divisions and enhance present aluminium phosphide production capabilities.
"This acquisition makes Safex, the sole company in India to provide comprehensive solutions for crop nutrition, growth regulation, prevention, protection, safe grain storage and home care chemicals under one roof. The acquisition of Shogun Lifesciences will propel Safex to achieve sales of Rs 10 billion in FY 2202-23," said S K Chaudhary, Founder and Director, Safex.
PNAM & Co. and Stratage Law Partners advised Safex on the deal.
Founded in 1991 by the late SK Jindal and Chaudhary, Safex manufactures and sells branded agrochemicals for the protection and productivity of crops. It offers more than 100 products including insecticides, fungicides, herbicides, among others.
Last year, ChrysCapital picked up a minority stake in Safex at an investment of $50 million (around Rs 374 crore).