Crystal Crop acquires I&B Seeds to expand vegetable, flower seed business
Agrochemical firm Crystal Crop Protection on Monday said it has acquired Bengaluru-based I&B Seeds as it seeks to strengthen its position in India's vegetable and flower-seed segment. «The deal has been fully executed with shares purchased from two major shareholders. The share transfer was completed last week on the day of Diwali,» Crystal Crop Protection Managing Director Ankur Aggarwal told PTI.
The company, however, did not disclose the deal amount.
The acquisition was funded through internal accruals and marks Crystal Crop's fifth purchase in the seeds business and twelfth overall.
«This acquisition will contribute 30 per cent to our Rs 400 crore seed business,» Aggarwal said, adding that the company will retain I&B Seeds' flagship brands 'Indus' and 'SPS'.
India's flower and vegetable seed market is valued at over Rs 600 crore.
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