The Board of Directors of India Pesticides Limited has considered and approved the further investment of Rs. 2.30 crore in Shalvis Specialities Limited, wholly owned subsidiary of the company, by way of subscription to equity shares through Rights Issue.

Meanwhile, the Uttar Pradesh State Industrial Development Authority (UPSIDA) recently allotted a 25-acre plot to Shalvis Specialities in Sumerpur Industrial Area of Hamirpur district in Bundelkhand region. Shalvis Specialties would set up a manufacturing unit of pesticides and specialty chemicals on the allotted land. The proposed project was worth Rs 250 crore which would create 1500 jobs and the production at the plant was expected to begin in next five years, the UPSIDA statement said.

Shalvis Specialities, a subsidiary of India Pesticides, has already established a manufacturing unit of fungicides, herbicides and pesticides formulations in UPSIDA industrial area at Sandila in Hardoi district in central UP.