Nagarjuna Agrichem Limited was incorporated in Nov'86 as East India Finance to engage in hire purchase, leasing and deposit mobilisation. It acquired its present name in Oct.'96. The company is an associate of Nagarjuna Fertilizers and Chemicals, NSL and Nagarjuna Finance, and is a part of the Nagarjuna group. It is managed by chairman Nitish K Sen Gupta. In Oct.'94, it came out with a public issue of 23.70 lac shares at a premium of Rs 5, aggregating Rs 3.56 cr, to part-finance a Rs 24-cr project to manufacture monocrotophos (MCP) technicals and MCP formulations. MCP is an organo-phosphorous pesticide. The company supplies 50% of MCP to Nagarjuna Fertilizers, a group company, and the remaining 50% is used in formulations. MCP has eco-friendly characteristics and is a fast-acting pesticide useful against a wide range of pests. The company has entered into an agreement with Nagarjuna Fertilisers and Chemicals for marketing MCP formulations under the Nagarjuna brand name. NAL has also commenced commercial production of Acephate with certain additions to the existing plant. It has also identified three new products viz DDVP, Atrazine and Profenofos. Of these, commercial production of Atrazine and Profenofos is expected to commence by end of 1999. Due to fast changing international business scenario the company has enhanced its Research & Development activites and also plans to introduce two new fungicides,Tricyclazole and Propiconazole.These products are currently imported and sold in india.Introduction of new products involves expenditure on research activities and installation of various new equipments.Funding are done by way of borrowed funds.