Indian Economy News

Oman India Joint Investment Fund invests Rs 95 crore in GSP Crop Science

Coimbatore: The Oman India Joint Investment Fund (OIJIF), a joint venture between State Bank of India (SBI) and State General Reserve Fund (SGRF), has invested Rs 95 crore in GSP Crop Science, a Gujarat-based agrochemicals company.

Established in 1972, GSP Crop Science is a leading manufacturer, distributor of bulk and branded agro chemicals. These include technical grade ingredients, formulations of insecticides, fungicides, herbicides, intermediates, bio-pesticides and seed-treatment chemicals.

Its portfolio comprises of more than 70 branded products, suite of technical products resulting in over 300 SKUs (stock keeping units) of its products. The products are marketed through an extensive pan-India network of 5,000 distributors, over 30,000 dealers and 34 depots. GSP exports its products to 25 countries.

"With OIJIF's investment and our internal resources, GSP aims at doubling its market share in coming three years," said Kenal Shah, managing director, GSP Crop Science.

"We believe there is a huge potential for growth in agrochemical sector in India driven by growing awareness among farmers and favourable political impetus to increase farm productivity," he stated.

"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," said S Srinath, CEO, OIJIF.

"The focused vision, planned operations and strong leadership of GSP Crop Sciences excite us. The company has a strong product positioning in the market and is a leader among its peers," he said.

Quest Profin Advisor Private Limited, a Mumbai-based boutique investment banking firm, was the sole arranger for this investment.

"We constantly endeavour to identify growth-oriented companies in the SME (small and medium enterprises) segment and partner them, for their expansion plan, with investment from financial/strategic investor," said Dhiren Kothary, director, Quest Profin.

"We have found like-minded partners in OIJIF to further accelerate our vision of being a dominant player in this segment," Shah said.

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

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