Mumbai-based agricultural chemicals maker Indofil Industries Ltd. has acquired a majority stake in Agrowin Biosciences, a crop protection and plant nutrients company based in Milan, Italy, for an undisclosed all cash deal. The acquisition was executed through its Netherland-based holding company Indofil Industries (International) BV.
Headquartered in Legnano (Milan) Italy, Agrowin Biosciences is well established crop protection and plant nutrient company providing solutions in Agrochemical market of Italy.
Recognizing the strong presence of Agrowin in the European agribusiness market of Italy through its distribution network and brand equity, Indofil with its own expertise in manufacturing, product development, regulatory and global agribusiness technology expects this acquisition to create a stronger presence in European markets.
The Italian agrochemical market presently is the third-largest in Europe with market size of $1.2 billion. With its varied climatic zones Italy grows large number of crops like vines, fruits vegetables, cereals and sugar beet. Fungicides are the most important crop protection segment in Italy.
Dr Giorgio Corti, managing director, Agrowin, added, “We take immense pride that Agrowin, a distributor for Indofil since 2002, has taken the relationship to partnership. The participation of Indofil in Agrowin gives us full access to Indofil’s resources and capabilities which will help us grow and consolidate our position in the market at a fast pace.”
Indofil Industries, established in 1965, manufactures crop protection and specialty chemicals, with a turnover of over Rs2,476, has a direct presence in the Indian market through a large sales organization and well spread distribution network .It also has a presence in over 100 countries through direct distributors as well five operating subsidiaries .It derives 50% of its revenue from international business. Indofil has five manufacturing plants supporting its product range, a backward integration through manufacturing joint venture Indobaijin and strong R&D and product management team.