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Crystal Crop Protection Limited is acquiring cotton, mustard, pearl millet and grain sorghum hybrids from Bayer in India.
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Crystal has entered into a definitive agreement with Bayer in this regard and both companies in a joint statement said they expect to close the transaction by December 2021. However, the deal size was not disclosed.
The business acquired by Crystal Crop Protection represents a very small portion of Bayer’s Indian and global business portfolio, Bayer said in a statement.
Strategic fit for Crystal
NK Aggarwal, Chairman, Crystal Crop Protection Limited, said, “Staying true to our vision of inspiring growth of Indian farmers, this acquisition is a step forward to provide high-performance seeds for sustainable growth of Indian agriculture.”
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With this acquisition, Crystal will become strong in its field crops seed business as it comes with powerful brands and R&D capabilities.
Sarjiwan Manhas, CEO, Seed Business, Crystal Crop Protection, further added, “These acquired crops have an excellent strategic fit in our seeds portfolio and will support us in improving our footprint in Indian seeds market.”
D Narain, Senior Bayer Representative, South Asia and CEO & MD, Bayer CropScience Limited, said, “While we have divested a small portion of our business portfolio, Bayer remains fully committed to the long-term growth of Indian agriculture and will continue to bring next-generation technologies that drive agricultural productivity, enable farmer prosperity and promote sustainable agriculture.”
Bayer CropScience will continue to drive the business until full transfer to Crystal Crop Protection Ltd, the statement said. BayerCropScience shares were trading a tad lower at ₹5,164 a piece in a weak market Wednesday afternoon.
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