Crystal Group, a Rs1200 crore company engaged in Agrochemical businesses today announced that it has acquired a fungicide brand ‘Bavistin’ from Germany-based BASF that would help raise the company’s revenue by 7-8 per cent.
The 34-year-old Delhi-Based group with double digit growth posted a turnover of around Rs 1,200 crore in the previous fiscal.
"We have signed a memorandum of understanding (MoU) with BASF SE, Germany and BASF India to acquire Bavistin," Crystal Group Managing Director Ankur Aggarwal told reporters here.
The market of Bavistin brand in India is more than Rs 100 crore (at farmers’ price) with application of around 70 lakh acre. It is used in fruits, vegetables, cereals, oilseeds and pulses, he said. The size of the domestic agrochemical market is about Rs 16,000 crore, of which around Rs 3,000 crore is fungicides.
"With the addition of Bavistin, our topline is expected to increase by 7-8 per cent," he said.
Aggarwal said the company’s turnover could rise by about 20 per cent this fiscal on the back of good monsoon and acquisition of Bavistin brand.Bavistin would be formulated and produced in the company’s manufacturing facilities at Jammu.
Crystal group has three manufacturing facilities — two in Jammu and one in Haryana. The company is into agrochemical, agro-equipment and seed business.
.With the introduction of Bavistin in the product portfolio, the company aims to focus more on speciality products and brands, Crystal Sr Vice President Marketing CS Shukla said.
This is the biggest brand acquisition in the Indian agrochemical world and with this acquisition, Crystal, already a market leader in agrochemical sector, will now further strengthen its presence across Indian geographies.
Crystal aims to counter spurious brands present in the market and provide genuine, qualitative solutions to the Indian farmer. Bavistin is synonymous with trust & integrity for last couple of decades.
Used widely on India’s largest crop, rice, it is also used in over 20 other crops. Bavistin, as a seed treatment is widely used on many cereals, pulses, and oilseeds crops, which are very important for the nation, also controlling diseases as a foliar spray in rice, fruits and vegetables.
Anil Jain, Director, Strategic Business, Crystal Group, said, “We aim to promote Bavistin to progressive farmers who are capable of propagating the benefits to their community members. Our focus in the domestic market will be on Maharashtra, Andhra Pradesh, and Karnataka where we hope to sell 60 per cent of the total production, while the rest 40 per cent in other parts of the country. We will expand our footprint among the vegetable and fruit growers”
“Crystal aims to focus more on specialty products and brands, carving out a unique identity in the market place. Bavistin will be part of the integrated crop solutions being promoted by Crystal specialists and will certainly make our offerings to farmers more robust,” Shukla added.
“We invest nearly 4 per cent of our profit its research and development, product range expansion, innovative technology, and extension services, the company introduces the latest chemical technologies at affordable prices. The focus has remained the highest yield possible, to develop the farming community, and the rural landscape,” said Aggarwal..
Crystal works in three business verticals: agrochemicals, agro-equipment, and seeds. The company now has a strong international footprint in Egypt, Nigeria, Saudi Arabia, UAE, Turkey, and Bangladesh, and plans to expand to Latin America, Zambia, Zimbabwe, and South Africa.