Agrochemicals company Safex to invest ₹100 Cr in its AgCare Technologies
The company that makes agrochemicals, Safex Chemicals Ltd., said on Tuesday that it plans to invest ₹100 crores in its new agri-tech arm, AgCare Technologies, over the next 3–4 years. The money will be used to launch an interactive technology platform and set up a manufacturing unit.
Piyush Jindal, the group director of the company, told PTI, ‘We are putting in ₹100 billion rupees from our own money. We’re not getting money from anyone. The money will be spent over the next three to four years.’ Planned is the launch of an interactive technology platform that will connect the whole agri-economy value chain. He said that important people, like farmers, can use this platform to buy good crop protection products and get services like weather updates, help from experts, and mandi rates.
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‘From January to March, a pilot study of this interactive tech platform will be done. We hope to go live in the next fiscal year,’ Jindal added that the platform will be made bigger in stages.
Jindal also said that a new manufacturing unit will be set up to meet the demand for new and existing products, such as solutions for feeding cattle, that will come from the proposed platform.
Safex Chemicals will use the knowledge it already has in the field to set up the tech platform. He also said that the company has already put some money into technology and has plans to slowly grow the team.
With the recent purchase of UK-based Briar Chemicals, the company’s revenue is expected to rise from ₹783 crores in the last fiscal year to between ₹1,220 and 1,250 crore by the end of the 2022–23 fiscal year.
Safex Chemicals has six factories in India and one in the UK at the moment. Related Agri News | Agrochemical sector will grow 15–17% on strong export & domestic demand