Chennai : Indofil Industries (International) BV, a Netherland based holding company of Indofil Industries Ltd. headquartered at Mumbai India has acquired majority stake in Agrowin Biosciences, a crop protection and plant nutrients company based in Milan, Italy for cash in an undisclosed amount.
Recognising the strong presence of Agrowin in European Agribusiness market of Italy through its distribution network and brand equity, Indofil with its own expertise in manufacturing, product development, regulatory and global Agribusiness technology see this acquisition to create a stronger presence in European markets.
Mr.R.K.Malhotra, Group CEO shared “This acquisition gives us a firmer and sustainable position in the Italian market, provides a good platform for launching several new and exciting products in the coming year. As our second acquisition in Europe, we see ourselves moving towards focussed, multifaceted growth and partners like Agrowin are in remarkable synergy”.
Dr Giorgio Corti, Managing director of Agrowin added “We take immense pride that Agrowin, a distributor for Indofil since 2002, has taken the relationship to partnership. The participation of Indofil in Agrowin gives us full access to Indofil’ s resources and capabilities which will help us grow and consolidate our position in the market at a fast pace.”
The Italian agrochemical market presently is third largest in Europe with market size of USD 1.2 billion. With its varied climatic zones Italy grows large number of crops like vines, fruits vegetables, cereals sugarbeet to name a few. Fungicides are the most important crop protection segment in Italy.