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Punjab Chemicals and Crop Protection has resumed upward journey after a break last week. According to market sources, it has zeroed in on two acquisition targets – one is a domestic agrochem formulation unit and another is a US-registered product portfolio. An agro-chemical player, PCCPL has presence Europe and South America.

It is understood to be planning to acquire a domestic formulation player based in Gujarat, with a portfolio of over 40 branded agro-formulation products. It also has distribution channel in Gujarat, Maharashtra and South India and achieved a revenue of Rs 20 crore last year.

PCCPL is eyeing the outfit to get a ready agro-formulation manufacturing base for its existing products, which are currently outsourced. In the US, PCCPL is negotiating to acquire herbicide and fungicide products portfolio from a company, having an annual turnover of around $40 million.

A senior official of the company, though admitted that PCCPL was looking for inorganic growth, said any specific plan could not be divulged before clinching the deal. The stock moved up 1.69 per cent to close at Rs 273 on Monday. In the last one month, it has gained over 36.64 per cent.

Jayanta Mallick

More Stories on : Stocks | Mergers & Acquisitions | Ear to the ground | Chemicals

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