Mumbai-based agricultural chemicals manufacturer Indofil Industries has acquired a majority stake in Milan-based Agrowin Biosciences, a crop protection and plant nutrients company based in Milan, Italy, for an undisclosed all cash deal. The acquisition was executed through its Netherland-based holding company Indofil Industries (International) BV.
“This acquisition gives us a firmer and sustainable position in the Italian market and provides a good platform for launching several new and exciting products in the coming year," said R K Malhotra, group CEO, Indofil Industries. "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 the third-largest in Europe with market size of $1.2 billion. With its varied climatic zones Italy grows large number of crops like vines, fruits vegetables, cereals and sugar beet. Fungicides are the most important crop protection segment in Italy.
Giorgio Corti, Managing Director, Agrowin, added, “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.”