Best Agrolife Limited, an agrochemical company who produce and market plant growth regulator, insecticides, herbicides, and fungicides based products has announced the acquisition of Best Crop Science Pvt Ltd for ₹101.6 crores. The acquisition will help Best Agrolife’s backward integration with strong Research and Development (R&D) synthesis in the production of active ingredients for herbicides, insecticides, and fungicides.
Best Agrolif’s board of directors approved the acquisition, a share-swap deal via preferential issue, on Thursday.
Best Agrolife said in a statement that the acquisition will help it diversify its risk and strengthen its manufacturing base by adding another unit in Gajraula, Uttar Pradesh. The shares price of Best Agrolife spiked up at a 52-weeks high of ₹840.30 on 3-9-2021 before closing at ₹811.30 on the BSE (formerly Bombay Stock Exchange).
Best Crop Science has over 85 active ingredient manufacturing licences, including some highly advanced import substitutes such as Dinotefuran and Pyraclostrobin, which have recently come off patent.
Best Crop Science recently got approval from the Central Insecticide Board and Registration Committee CIBRC for the indigenous manufacture of Trifloxystrobin Technical, a fungicide.
With all of these latest additions, Best Agrolife has become India’s first agrochemical company that manufactures and markets Trifloxystrobin Technical, a fungicide in high demand in North America, Europe, Asia-Pacific, South America, West Asia, and Africa. Because of these in-demand products, Best Agrolife Limited’s revenue will increase by 40% as a result of this acquisition.
‘With this acquisition, we will be able to fill critical service gaps and leverage our expertise in enhancing reach through strategic partnerships with leading agrochemical businesses in India and a vast network of over 3000 distributors and dealers,’ said Vimal Alawadhi, Managing Director, Best Agrolife, in a statement.