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Mumbai, March 5

Hikal Ltd has signed a long-term contract manufacturing agreement with Bayer CropScience AG for the supply of active ingredients for crop protection products, Hikal said, without giving details. Hikal has set up a new multi-purpose plant at Taloja for this purpose and supplies to commence from the second half of 2008, a note from the company said. The crop-protection business accounts for about 50 per cent of Hikal’s Rs 230 crore turnover for the nine months ended De cember 2007. The company has been realigning its crop-protection business by rationalising products with lower margins, said a company official. Hikal shares were up close to seven per cent at Rs 400, on the BSE.

— Our Bureau

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