Pesticides manufacturer Insecticides (India) Limited would commission its new plant at Udhampur near Jammu by August this year. The facility is coming up at an investment of Rs 5 crore.
Managing director Rajesh Aggarwal said they planned to explore new territories in addition to the traditional areas. The new areas on its radar are Himachal Pradesh and Jammu & Kashmir.
Stating that India offered very few products in agri-chemicals as compared with China and European countries, he said, “We are consistently doing R&D to add new product and may also tie up with foreign players in this regard.” Aggarwal was in town to launch new products targeted at orchards and vegetable growers.
Punjab and Haryana, the two important markets for the company, account for 15 per cent and 9 per cent respectively of the business.
He said there was no impact of recession on agriculture and that is why “we are making fresh investments and expect our turnover to grow from Rs 300 crore in 2008-09 to Rs 450 cr in 2009-10.”
The company is also exploring a tie up with the Punjab Marketing Federation, popularly known as Markfed.