Best Agrolife Moves Ahead With Its Expansion Plan; Acquires A Formulation Unit In Samba, J&K
New Delhi, November 10, 2021: 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 10th November 2021. The Company has initiated and executed an agreement for the same and expects completion of this process by 21st December 2021 or such other date as may be mutually agreed between the parties.
This acquisition will be beneficial for the company in many ways and it will increase the company’s revenue by Rs 150 crore approximately. This unit will not only help the company to extend its geographical coverage to serve the farmers better but will also add an additional 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 own 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 percent. On the other hand, BAL’s credit ratings also improved to A - for its strong business profile, exceptional improvement in the credit/financial risk profile, and commendable financial performance in FY21 and H1FY22.
BAL is the leading manufacturer of agrochemical products like insecticides, pesticides, herbicides, fungicides, and plant nutrients. It has a vast 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, 30,000+ MPTA manufacturing formulation capacity, and 7000+ MTPA integrated state-of-the-art technical plants.