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Indofil Industries (International) BV, a Netherland based holding company of Indofil Industries, headquartered in Mumbai has acquired majority stake in Agrowin Biosciences, a crop protection and plant nutrients company based in Milan, Italy for cash in an undisclosed amount.
Recognising the strong presence of Agrowin in 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 see this acquisition to create a stronger presence in European markets.
Highlighting about the development, Dr Giorgio Corti, Managing Director, Agrowin said, “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.”
Adding that, RK Malhotra, Group CEO, Indofil said, “This acquisition gives us a firmer and sustainable position in the Italian market, provides a good platform for launching several new and exciting products in the coming year. As our second acquisition in Europe, we see ourselves moving towards focussed, multifaceted growth and partners like Agrowin are in remarkable synergy.”
The Italian agrochemical market presently is third largest in Europe with market size of US$ 1.2 billion. With its varied climatic zones, Italy grows large number of crops like vines, fruits vegetables, cereals, sugar beet to name a few. Fungicides are the most important crop protection segment in Italy.
Indofil, a crop protection and specialty chemicals company with a turnover of over US$ 360 million, has direct presence in Indian market through a large sales organisation and well spread distribution network. It also has presence over 100 countries through direct distributors as well five operating subsidiaries. It derives 50 per cent 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.