Coromandel International will acquire bio-pesticides business of EID Parry for Rs.338 crore. This acquisition is subject to receipt of approval from shareholders and other authorities.

The Bio-Pesticides business is involved in the manufacture and marketing of Neem based Azadirachtin technical and formulations, plant extract based Bio-stimulants, Micronutrients, Microbial biopesticides etc and has brands that are well established in India and globally.

Further, the company has signed a term sheet for acquiring  bio-pesticides business of EID Parry, along with its wholly owned subsidiary Parry America, Inc, USA, via slump sale.

Moreover, Sameer Goel, Managing Director, Coromandel International stated, “Complementary market presence in both Indian and global markets provides opportunity for both chemical and bio-pesticides to grow. Post-acquisition, Coromandel will further strengthen its position in the crop protection segment.”

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