PI Industries Ltd on Tuesday said it will acquire 100 per cent stake in Isagro (Asia) Agrochemcials for Rs 345 crore as part of its plans to expand manufacturing capacity.
In a regulatory filing, PI Industries informed that the company along with its wholly owned subsidiary PI Life Science Research has "executed a share purchase agreement to acquire 100 per cent shareholding of lsagro (Asia) Agrochemicals, from lsagro SpA (and its affiliate), a company incorporated in Italy, the promoter and existing shareholder of lsagro Asia".
lsagro Asia is engaged in the business of manufacture, sale and distribution of agrochemicals (including insecticides, fungicides, herbicides and other speciality chemicals) from its manufacturing plant situated at Panoli, Gujarat.
PI Industries said that the proposed acquisition would provide the company access to additional manufacturing capacities to meet growing demand of global customers and synergy benefits of adjacent manufacturing site.
The acquisition would strengthen its position in Indian market by leveraging complementary product portfolio and distribution channel of lsagro Asia, the company added.
The cost of acquisition is "Rs 345 crore subject to adjustments for cash and working capital", it added.
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