Coromandel International Limited announced an increase in its investment in Ecozen, a climate-smart technology solutions provider. The company made a ₹24 crore investment through its subsidiary and corporate venture capital arm, Dare Ventures Limited, increasing its shareholding in Ecozen to 5.54 per cent, up by 3.13 per cent.
The company informed that Ecozen works on sustainable solutions, such as solar-powered irrigation (Ecotron) and cold chain systems (Ecofrost), to benefit over 1,80,000 farmers in India by using technologies like AI, IoT, and energy storage. Ecozen aims to enhance agricultural incomes while reducing greenhouse gas emissions and food losses. Thier turnover in FY23 was ₹274 crore.
Jayashree Satagopan, President, Corporate & CFO, Coromandel International Limited, said, “The remarkable strides made by Ecozen, and its commitment to driving positive impact on the livelihoods of farmers aligns with our vision of building a smart and sustainable future. Our increased shareholding in Ecozen reflects our confidence in the company’s ability to drive positive change and create long-term value for stakeholders.”
Devendra Gupta, CEO, and Co-Founder of Ecozen, said, “We are immensely grateful for the continued support and investment from Dare Ventures, which underscores their belief in our mission and potential. Their contribution has been instrumental in our journey towards expanding our impact and reach. With Coromandel by our side, we are confident in our ability to accelerate the adoption of climate-smart technologies globally, empowering farmers and fostering sustainable growth.”
The shares were up 1.44 per cent to ₹1,224.70 at 3.11 pm on the BSE.