Hyderabad: New Delhi-based agro-chemical company Crystal Group, which acquired Rohini Seeds last week and raised private equity of Rs 150 crore, is planning to expand its operations to Africa and the Gulf.
The company, with a turnover of Rs 800 crore, is in the process of establishing bases in Uganda, Tanzania, Ghana and Nigeria.
“We will first go there with our flagship agro chemicals. After achieving sustainable figures, we will start seed business there too,” Mr Ankur Aggarwal, Managing Director of Crystal Group, toldBusiness Line.
“At present, exports contribute Rs 5 crore to the turnover. We would like this to grow by expanding our operations in Africa and the Gulf region,” he said.
funding
The company raised Rs 150 crore from the PE firm Everstone Capital in December. “We have the flexibility to deploy the funds for working capital needs, investments or acquisitions,” he said.
For the acquisition of the Hyderabad-based seed firm, it pooled in resources internally.
He refused to divulge cost of acquisition.
Asserting that there are no plans to raise more funds, Mr Aggarwal said the company is not looking to go in for a public issue.
“But it certainly is on our agenda. We will go for it in a 4-5 year timeframe or even before,” he said.
Consolidation
He said that the Rs 8,000-crore Indian seed industry is poised for growth.
It is expected to grow to Rs 13,030 crore in the next five years.
“There is huge scope for consolidation in the Indian seed industry. We will see more acquisitions in the next five years,” he said.
No comments:
Post a Comment