Best Agrolife to acquire formulation unit in J&K for Rs 10.22 Cr
The acquisition will be beneficial for the company in many ways and it will increase the company’s revenue by Rs 150 crore approximately
Image credit: Best Agrolife
Best Agrolife Ltd (BAL), a leading player and one of the largest manufacturers of agro-inputs, is going ahead with the acquisition of the Plant & Machinery, and stock of a formulation unit through a cash deal of Rs 10.22 crore. Owned by one of its partner firms, the unit is situated at Phase-1, SIDCO Industry Complex, IGC Samba, Jammu & Kashmir.
The Board of Directors of the company approved the proposal at its meeting held on November 10, 2021. The company has initiated and executed an agreement for the same and expects completion of this process by December 21, 2021, or such other date as may be mutually agreed between the parties.
The acquisition will be beneficial for the company in many ways and it will increase the company’s revenue by Rs 150 crore approximately. The unit will not only help the company to extend its geographical coverage to serve the farmers better but will also add formulation capacity of 8000 KL/MT per annum. This plant will be specifically dedicated to proprietary formulations like WG, SC, and EC. Above all, it has its state-of-art formulation Research & Development facility to support the development of new products niche formulations.
Previously, the promoters holding in the company increased by 3,21,000 equity shares. Due to this development, the promoter’s share capital in the company has now gone up by 1.36 per cent.