Swiss-based agri-business firm Syngenta today sold some part of its seed business in India to Crystal Crop Protection for an undisclosed amount.
The national capital-based Crystal Crop Protection today announced the acquisition of certain seed and fodder business from Syngenta India. Syngenta’s decision to sell part of its seed business comes in the wake of government’s control over Indian seed market by fixing maximum sale price and royalty value for the technology provider. “The company has acquired Indian grain sorghum, fodder sorghum (SSG) and pearl millet seeds business including their germplasms, plant variety protection applications and registrations and market authorisations from Syngenta,” Crystal Crop Protection said in a statement.
The company has also acquired seed brands Mahalaxmi (Sorghum), Atheeva (Pearl Millet) and SX-17 (SSG), it said. “Syngenta is divesting the pearl-millet, sorghum and fodder business to bring stronger focus and synergy to its core diversified field crop and vegetable seeds strategy,” Syngenta India, South Asia Vice President (Business Sustainability) K C Ravi said in a separate statement. Crystal Crop will now have strong breeding program in all its focus crops — cotton, maize, rice, grain sorghum, pearl millet and SSG, he added. The company, however, did not disclose the deal amount. Ernst & Young LLP acted as advisor to Syngenta on the above divestment.
“We believe in taking technology, innovation and manufacturing to the next level. With acquisition of seeds from Syngenta, we will strengthen our seed portfolio,” Crystal Crop Protection Managing Director Ankur Aggarwal said. Crystal Crop has made a number of acquisitions in past few years. In the last fiscal, the company had acquired a speciality chemicals plant from Cytec India Specialty Chemicals and Materials Pvt Limited, an Indian unit of Belgian chemicals firm Solvay SA.
In 2016, it had signed an agreement with Germany’s BASF SE to acquire fungicide brand Bavistin, while in 2011 the company had acquired Hyderabad-based company Rohini-Seeds and Rohini Bioseeds and Agritech Private. The company said these acquisitions are part of its strategy to add value to its business. Syngenta India has presence in seed, seed care, crop and yield protection besides its research and development (R&D). LUX MJH ANS ANS
Source : timesofindia.indiatimes.com
Published on: April 3, 2018