 "Australia's Nufarm off-loads stake in Excel Crop Care to Sumitomo Chemical")
Australian agrochemicals company Nufarm has sold its 14.69 percent stake in Excel Crop Care to Sumitomo Chemical for AUD 39.5 million (about Rs 200 crores). “As advised to the market on 21 September, Nufarm participated in an open market offer from Sumitomo, to sell our interest in Excel Crop Care. On 3 October, Nufarm sold 100% of its interest in Excel Crop Care,” said Nufarma in a press statement.
In June this year, Sumitomo Chemical acquired 45 percent stake in Excel Crop Care Ltd (ECCL), the Mumbai-headquartered agrochemicals company, from the Shroff family (the founder and promoter group of ECCL) and other financial investors for about Rs 624. While the Shroff family off-loaded its 25 percent stake, Sumitomo Chemical bought the remaining 20 percent stake in Excel Crop Care from Ratnabali Group.
Acquisition of Excel Crop Care, which is the 5th largest in revenue among agrochemicals companies in India, will help Japanese firm to expand and enhance its agrochemicals business in India.
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