Best Agrolife to acquire agri-chemical plant in J&K; revenue to rise by Rs 150 cr

With the acquisition of this plant, the Delhi-based Best Agrolife will have four plants in Uttar Pradesh and J&K.
Best Agrolife to acquire agri-chemical plant in J&K; revenue to rise by Rs 150 cr
The unit will lead to an addition of formulation capacity by 8,000 kilo litre/tonnes per annum. [Representative Picture]Best Agrolife Limited /Website

New Delhi, Nov 11: Agri-chemical firm Best Agrolife will acquire a plant in Jammu and Kashmir for Rs 10.22 crore and its revenue is expected to rise by about Rs 150 crore with this acquisition.

In a regulatory filing on Wednesday, Best Agrolife informed that the board of directors approved purchase of immovable property (land including building), plant and machinery and stock owned by Agrico Chemicals for a total consideration of Rs 10.22 crore.

"This acquisition will increase the company's revenue by Rs 150 crore," the company said.

This unit will lead to an addition of formulation capacity by 8,000 kilo litre/tonnes per annum.

The acquisition will be completed by December.

In a statement, Best Agrolife said that the promoters' stake in the company has now gone up by 1.36 per cent.

With the acquisition of this plant, the Delhi-based Best Agrolife will have four plants in Uttar Pradesh and J&K.

It is into the manufacturing of technical, intermediates and formulation businesses of insecticide, fungicide and herbicide, among others.

It has a distribution network of more than 3000+ distributors and direct dealers with 14 stock points.

The company has more than 60 products, 80 technical manufacturing licenses, above 360 formulations licenses, over 30,000 tonnes per annum manufacturing formulation capacity, and about 7,000 tonnes per annum technical plants.

Recently, Best Agrolife reported a multi-fold increase in standalone net profit at Rs 24.94 crore for the quarter ended September. The company had posted a net profit of Rs 1.81 crore in the year-ago period.

Total revenue in the second quarter of this fiscal increased to Rs 324.71 crore as against Rs 281.74 crore in the corresponding period of the previous year.

"The continuous efforts to understand the needs of our biggest stakeholders, the farmers, is showing us the path to create innovative products. With leading products in the upcoming quarters, we are creating a strong pipeline for the business," Best Agrolife Managing Director Vimal Alawadhi had said.

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