Mitsui and Nisso acquires majority stake in Bharat Insecticides
The new relationship with Mitsui and Nisso will further strengthen BIL’s ability to deliver innovative crop protection products and support the sustainable growth of India’s agriculture sector.
Japanese major Mitsui & Co., Ltd., and Nippon Soda Co., Ltd. have acquired 56% stake in India based agrochemical company, Bharat Insecticides Limited. A special purpose company has been co-founded by Nisso and Mitsui to formalize the arranegment. The BIL’s promoters will continue to hold balance shares in BIL.
As a result of this transaction, BIL has become a group company of Mitsui & Co., Ltd. The new relationship with Mitsui and Nisso will further strengthen BIL’s ability to deliver innovative crop protection products and support the sustainable growth of India’s agriculture sector.
Speaking on the announcement, Sat Narain Gupta, Founder Promoter, BIL said, “This is a momentous occasion for us, BIL was started 43 years back with just 2 products and since then, BIL has come a long way. We hope that being part of Mitsui group will take BIL to the next level.” The other promoters, MP Gupta and RP Gupta expressed their excitement on this development and are confident that this tie-up will help BIL to grow at a faster pace.
Dharmesh Gupta, who has assumed responsibility as Managing Director, BIL said, “BIL’s strong presence in the agrochemicals market in the country will be complimented by Mitsui and Nisso’s diverse experience in the agriculture space. With this alliance, BIL will be in a unique position to leverage the synergies in area of product development with access to Mitsui’s global assets and Nisso’s world class R&D capabilities. The alliance will not only help BIL to grow in domestic market but will also enable to expand its presence in international markets”
As part of this association, there are few additions to the BIL’s leadership team, Kimihide Kondo, GM – Mitsui has joined BIL as Joint MD and Masanori Katsura has joined as the CFO and are based out of New Delhi. Kimihide Kondo shared Mitsui’s vision and confidence on consumption led growth story of Indian economy and mentioned, “Although Mitsui has been active in the rapidly growing Indian agrochemical industry, this investment into BIL provides us the exciting opportunity to contribute in mainstream manufacturing and distribution of plant protection products in India. Japan and India share a strong cultural and business relationship and in the same spirit, we are committed to bringing more products and technologies to Indian agriculture through our global footprint. BIL, through its aggressive business approach, committed employees and strong industry relationships allows us to gain a strong base in India as India expands its influence on global agrochemical industry.”
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