Coromandel International Limited, India's second largest phosphatic fertiliser player with interests in fertilisers, crop protection, speciality nutrients, organic fertilisers, has signed a term sheet to acquire the bio-pesticides business from E.I.D. Parry together with its wholly owned subsidiary Parry America, Inc, USA.
The transaction is valued at Rs 338 crore, which includes purchase of bio-pesticides business of E.I.D. Parry together with its R&D unit, captive plantations and its wholly owned subsidiary Parry America Inc.
The bio-pesticides business is engaged in the manufacture and marketing of neem based Azadirachtin technicals and formulations, plant extract based bio-stimulants, etc. It has a manufacturing facility in Tamil Nadu and a research and development centre.
Coromandel International feels that the complementary market presence in both Indian and global markets by both the companies provides an opportunity for both chemical and bio-pesticides to grow.
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