Agrochemical firm Crystal Crop Protection Ltd has acquired three insecticide brands from US-based agricultural company Corteva Agriscience, marking its fifth acquisition since 2018.
The company said in a statement it has bought Dursban, Nurelle-D & Predator brands in India from Corteva. It didn’t disclose the financial details of the transaction.
Ankur Aggarwal, managing director at Crystal Crop, said the firm believes that such strategic acquisitions would improve company’s competitiveness and further help in diversifying the product portfolio and strengthen market presence across India.
Prior to this, Crystal Crop struck back-to-back four transactions in 2018. In November 2018, it acquired three insecticide and fungicide brands from agrochemical and seeds major Syngenta AG.
In January last year, it acquired a chemicals plant from Cytec India Specialty Chemicals & Materials for Rs 96.7 crore.
Incorporated in 1994, Crystal Crop makes and sells agrochemicals, seeds and farm equipment. The company has five manufacturing units – two each in Haryana and Jammu and Kashmir, and one in Gujarat.
The firm has struck a few acquisitions previously as well. In 2016, it bought a fungicide brand from German chemical maker BASF. In 2012, the company acquired a pesticide brand from Mumbai-based Cheminova India. In 2011, it acquired Hyderabad-based companies Rohini Seeds and Rohini Bioseeds and Agritech.
Crystal Crop received the Securities and Exchange Board of India's approval to float an initial public offering in July 2018. But it didn't go through with the share sale. The company had also raised funding from Everstone Capital in 2011 but the private equity firm has since exited.
Corteva Agriscience, formerly known as Dow Chemical Co. Pittsburg Operations, manufactures fertilizers, insecticides, and personal care products.
*A previous version of this article incorrectly stated that Crystal Crop was backed by Everstone. The company is no longer part of Everstone's portfolio.