Indian Economy News

ADAMA Agro plans to invest $50 million in India

Hyderabad: Israel based world's seventh largest agrochemicals firm ADAMA Agrochemicals, formerly known as Makhteshim Agan Industries, plans to invest at least $50 million (approximately Rs 300 crore) over the next three years.

Addressing journalists in Hyderabad on Monday, ADAMA's global president and chief executive Chen Lichtenstein said the idea was to expand both manufacturing and research and development facilities in India aimed at growing better than the average industry growth.

The global producer of generic agrochemical products, which entered in India in 2009, has so far invested $50 million on a manufacturing facility at Dahej in Gujarat and an R&D centre in Hyderabad. Saying that the company was looking doubling investments aimed at faster growth, he told ET that the company now has over $550 million cash reserves to help its global expansion plans.

The $3.1 billion company currently earns around 5% of its global revenue from India and is targeting to improve the contribution to over 6% over the next couple of years, reporting over 20% growth as against some 9% growth now being reported by the $2 billion Indian agrochemicals industry.

ADAMA India currently has 70 product registrations in India and wants to introduce 2-3 new products every year, said Yossi Goldshmidt, president and CEO of the Indian arm, which now employs around 1,500 people.

ADAMA group, which at present manufactures high volume off-patented and high value complex off-patented agrochemical products, is looking at increasing focus towards unique mixtures and formulations and innovative speciality products.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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