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J&K agri-chemical plant to be acquired by Best Agrolife

Last Updated on November 11, 2021 at 4:23 pm

Best Agrolife, the agri-chemical firm will acquire a plant in Jammu and Kashmir for Rs 10.22 crore.

On Wednesday, Best Agrolife informed that the board of directors approved purchase of immovable property (land including building), plant and machinery and stock owned by Agrico Chemicals for a total consideration of Rs 10.22 crore.

The company said that this acquisition will lead to a rise in the company’s revenue by Rs 150 crore. In a statement, Best Agrolife said that the promoters’ stake in the company has now gone up by 1.36 per cent.

The company is in manufacturing of technical, intermediates and formulation businesses of insecticide, fungicide and herbicide, among others.

The company has more than 60 products, 80 technical manufacturing licenses, above 360 formulations licenses, over 30,000 tonnes per annum manufacturing formulation capacity, and about 7,000 tonnes per annum technical plants.

Recently, Best Agrolife reported a multi-fold increase in standalone net profit at Rs 24.94 crore for the quarter ended September. The company had posted a net profit of Rs 1.81 crore in the year-ago period.

Best Agrolife Managing Director Vimal Alawadhi had said that efforts to understand the needs of their biggest stakeholders, the farmers are showing us the way to create innovative products.

The acquisition will be completed by December.