New Delhi-based Best Agrolife at its 30th Annual General Meeting (AGM) passed a resolution on the acquisition of Best Crop Science by Issue of Equity Shares on a preferential basis to the shareholders of Best Crop Science as consideration other than cash.
Best Agrolife acquired Best Crop Science, for backward integration in the form of technical manufacturing of insecticides, herbicides, fungicides and PGRs on September 2, 2021. The company informed that the acquisition will further help it in the diversification of risk, and increase its revenue by 40 per cent on the back of recently announced in-demand products.
Vimal Alawadhi, MD – Best Agrolife, said, “Part of the rationale behind the M&A is it will enable us to utilise our expertise in increasing the reach through our strategic alliances with leading agrochemical companies of India and an extensive network of 3000 + distributors and dealers. Of course, one of the byproducts of this M&A would be the distinct ability to serve the market better. We intend to play a vital role in the effective management of crop disease, improving the yield and profitability of farmers across the globe.”
At the AGM, the company informed that it became the first agrochemical company in India to manufacture and market Trifloxystrobin Technical, a fungicide that has enormous demand in the domestic and global markets of North America, Europe, Asia-Pacific, South America, the Middle East, and Africa.
The company has also received the license to manufacture Picoxystrobin Technical. The company plans to launch a commercial formulation of Picoxystrobin in the Kharif season of FY22.