The company which invested around Rs 22 crore for 36% stake in 2008, exited for Rs 50-52 crore.
The exit is part of SDS Biotech acquisition for 65% equity stake in Sree Ramcides for an enterprise value of $34 million (around Rs 100 crore).
SDS Biotech as part of this transaction. SDS Biotech is a subsidiary of Idemitsu Kosan Co., Ltd., listed on the TSE with revenues of $ 47 billion and market capital of $ 3 billion.
The Chennai based Sree Ramcides Chemicals Pvt. Ltd. (Sree Ramcides), focused on manufacture of crop protection and crop health products, has entered into a strategic partnership with SDS Biotech. eplanet invested around 22 crore for 36% stake in the company in 2008 and now it has exited by diluting its entire stake for aorund Rs 50-52 crore, according to company officials.
R Gopal Managing Director, Sree Ramcides Chemicals said that they decided on SDS Bio Tech to extend the reach and capture a greater share of the market. “Our aim is to touch a turnover of Rs 250 crores by 2014-15”.
Sree Ramcides has three manufacturing facitiles at Pudukkottai (Tamil Nadu), Ambattur (Chennai) and Jammu (Jammu & Kashmir). The total production capacity for different products is Liquid– 5000 kl pa, Wettable Powder – 1000 mts pa and Granules–10,000 mts pa. These Products find applications in both crop protection and crop health.