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Bayer plans to sell its cotton, mustard seed businesses in India to Crystal

Bayer plans to sell its cotton, mustard seed businesses in India to Crystal

In India, Crystal Crop Protection Limited has purchased cotton, mustard, pearl millet, and grain sorghum hybrids from Bayer.

Crystal has entered into a definitive agreement with Bayer in this regard, and both companies stated in a joint statement that the transaction is expected to close by December 2021. The size of the transaction, however, was not disclosed.

Also Read: Bayer sets up ₹200-crore insecticide ingredient plant at Vapi – Gujarat

Crystal Crop Protection’s acquisition represents a very small portion of Bayer’s Indian and global business portfolios, according to a statement from the company.

Crystal is a strategic fit

‘Staying true to our vision of inspiring growth of Indian farmers, said NK Aggarwal, Chairman of Crystal Crop Protection Limited, this acquisition is a step forward to provide high-performance seeds for sustainable growth of Indian agriculture.’

Crystal will become stronger in its field crops seed business as a result of this acquisition, as it brings powerful brands and R&D capabilities.

‘These acquired crops have an excellent strategic fit in our seeds portfolio and will support us in improving our footprint in the Indian seeds market,’ said Sarjiwan Manhas, CEO, Seed Business, Crystal Crop Protection.

‘Although we have divested a small portion of our business portfolio, Bayer remains completely committed to the long-term growth of Indian agriculture and it will continue to put next-generation technologies that drive agricultural productivity, enable farmer economic stability, and promote sustainable agriculture,’ said D Narain, Senior Bayer Representative for South Asia and CEO and MD of Bayer CropScience Limited.

Also Read: Oil Industry forecasts record mustard crop of 89.5 lt in 2020-21, up by 19%

According to the statement, Bayer Crop Science will continue to drive the business until it is fully transferred to Crystal Crop Protection Ltd. In a weak market Wednesday afternoon, Bayer CropScience shares were trading a tad lower at ₹5,164 per share.

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