PI Industries To Acquire Isagro Asia Agrochemicals
PI Industries Ltd along with its wholly owned subsidiary,, PI Life Science Research Limited has executed a Share Purchase Agreement on November 04, 2019, to acquire 100% shareholding of Isagro (Asia) Agrochemicals Private Limited, from Isagro SpA (and its subsidiary), an organization joined in Italy, the promoterand existing investor of Isagro Asia. Isagro Asia is occupied with the business of manufacture, sale and distribution of agrochemicals ((including insecticides, fungicides, herbicides and other speciality chemicals) from its manufacturing plant situated at Panoli (Gujarat)
The proposed obtaining would give PI access to additional manufacturing capacities to meet growing demand of global customers and synergy benefits of adjacent manufacturing site while de-risking the supply chain of few products. Moreover, this will likewise assist PI with reinforcing its situation in Indian market by utilizing corresponding item portfolio and conveyance channel of Isagro Asia.
The proposed procurement is subject to satisfactory completion of various conditions precedents by the Isagro SpA and Isagro Asia including obtaining approval from Gujarat Industrial Development Corporation (GIDC} in terms of the lease deeds dated November 5, 1999 and June 22, 2001 in relation to the manufacturing facility of Isagro Asia situated at Panoli (Gujarat) The thought for above securing is Rs.345 crore dependent upon alterations for money and working capital.
As a basic condition point of reference to shutting, Isagro Asia will go into agreement assembling and supply understanding and dispersion concurrence with Isagro SpA for selective stockpile and dissemination of specific items by Isagro Asia for the span and as per the particulars of the individual agreeme