Agrochemical company Crystal Crop Protection Ltd has acquired three insecticide and fungicide brands from agrochemical and seeds major Syngenta AG.
Delhi-based Crystal Crop said in a statement it has acquired Proclaim, Tilt and Blue Copper brands in India from Syngenta. It didn’t disclose the size of the deal.
Rafael Del Rio, managing director at Syngenta India, said the Competition Commission of India has approved the sale of these brands while approving the global acquisition of Syngenta by ChemChina.
Chinese state-owned chemical giant ChemChina had completed the acquisition of Syngenta AG for over $43 billion in 2017.
Crystal Crop, which is backed by private equity firm Everstone Capital, said the acquisition will strengthen its presence in the pulses, cotton, rice, wheat, vegetable and grapes markets in India.
“The inclusion of high-equity brands in our portfolio will strengthen us to provide best-in-class crop protection solution to farmers and thus increase their farm productivity,” said Ankur Aggarwal, managing director at Crystal Crop Protection.
This deal marks the fourth acquisition by Crystal Crop in 2018.
In August, it acquired four insecticide and herbicide brands from US-based diversified chemical company FMC Corporation https://www.vccircle.com/crystal-crop-protection-buys-four-brands-from-us-chemical-firm-fmc-corp.
In April, the company bought three seed brands from Syngenta.
In January, it acquired a chemicals plant from Cytec India Specialty Chemicals & Materials for Rs 96.7 crore.
Crystal Crop had 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, the firm acquired Hyderabad-based companies Rohini Seeds as well as Rohini Bioseeds and Agritech.
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.
Crystal Crop had received the Securities and Exchange Board of India's approval to float an initial public offering in July. The company is looking to raise Rs 545 crore by issuing fresh shares in the IPO. The issue also includes an offer for sale by promoters as well as Everstone. The total IPO size is likely to be around Rs 1,000 crore .
