The Oman India Joint Investment Fund (OIJIF), a private equity fund and joint venture sponsored by Oman’s sovereign wealth fund known as State General Reserve Fund and India’s largest lender State Bank of India (SBI), on Thursday announced an investment of ₹95 crore in GSP Crop Science, a Gujarat-based agrochemical company.
Products Quest Profin Advisor Private Limited, a Mumbai-based boutique investment banking firm, was the sole arranger for this investment.
Established in 1972, GSP Crop Science is a manufacturer and distributor of bulk and branded agro chemicals. These include technical grade ingredients, formulations of insecticides, fungicide, herbicides, intermediates, bio-pesticides and seed-treatment chemicals.
Products are marketed through a pan-India network of 5,000 distributors, over 30,000 dealers and 34 depots.
GSP exports its products to 25 countries, the company said here.
With OIJIF’s investment and its internal resources, GSP aims to double its market share in 3 years, Kenal Shah, Managing Director, said.
Favourable position S Srinath, CEO, OIJIF said, “We invested in GSP Crop Science based on its underlying strengths in research and development leading to innovative products, marquee multinational and domestic customers, prudent mix of branded products and bulk sales in India and abroad. It has a strong product positioning in the market and is a leader among its peers.”