Best Agrolife Limited, an agrochemical company, has announced the acquisition of Best Crop Science Pvt Ltd for Rs 101.6 crore. Best Agrolife's backward integration with powerful R&D synthesis in the production of active chemicals for herbicides, insecticides, and fungicides will be aided by the acquisition.
The acquisition, a share-swap agreement by means of preferential issue, was authorized by the Best Agrolife board on Thursday.
The acquisition will help in the establishment of another facility at Gajraula, Uttar Pradesh. Because of this, the company will be able to diversify its risk and improve its production base, according to the company statement.
In the month of August 2021, Best Agrolife has received a patent for the first-of-its-kind of 3-way insecticidal combination in India.
Best Agrolife's stock hit a 52-week high of 840.30 on Friday before closing at 811.30 on the Bombay Stock Exchange.
Best Crop Science has over 85 active ingredient production licenses, including several cutting-edge import alternatives like Dinotefuran and Pyraclostrobin that have just fallen off patent.
Fungicide Business
Best Crop recently received clearance from the Central Insecticide Board & Registration Committee to manufacture Trifloxystrobin Technical, a fungicide, in-house.
With the acquisition of Best Crop Science, Best Agrolife becomes the first agrochemical business in India to produce and commercialize Trifloxystrobin Technical, a fungicide in high demand in the domestic and worldwide markets of North America, Europe, Asia-Pacific, South America, West Asia, and Africa. This purchase would enable Best Agrolife Limited to grow its revenue by 40% as a result of these in-demand items.
“With this purchase, we will be able to cover crucial service gaps and use our experience to expand our reach through strategic relationships with major agrochemical businesses in India and an extensive network of over 3000 distributors and dealers,” said Vimal Alawadhi, Managing Director, Best Agrolife, in a statement.
About Best Agrolife Ltd.
Best Agrolife Ltd., founded in 1992, has been providing specialty product offerings to the Indian agrochemical sector and worldwide markets. Best Agrolife Ltd., a research-driven firm, seeks to provide high-quality, creative, and effective crop-protection and food safety solutions to our farmers while also serving the world via agriculture.
