Delhi-based agrochemicals firm Crystal Crop Protection Ltd on Tuesday acquired Syngenta India’s pearl millet and sorghum seeds business for an undisclosed sum in order to strengthen its seeds portfolio, a press statement said here. “With this acquisition we will get a world-class breeding programme in sorghum and millets and will strengthen Crystal’s seed portfolio and improve market penetration in relevant markets.” said Crystal MD Ankur Aggarwal.
The company didn’t reveal financial details of the deal as its initial public offer (IPO) is scheduled in the near future. As part of the deal, Crystal would buy out the coarse cereal portfolio, including seed brands such as Mahalaxmi (sorghum), Atheeva (pearl millet) and SX-17 (SSG). The divestment would help Syngenta focus more on its diversified field crop and vegetable seeds business, said K C Ravi, Syngenta India Vice-President for business sustainability.
Crystal, backed by South Asia-focused private equity fund Everstone Capital, has of late been beefing up its bouquet of offerings. In January this year, it acquired a speciality chemicals manufacturing business in India from Belgian chemicals giant Solvay SA as the latter was winding up some of its businesses globally.