In the agrochemical company Crystal Crop Protection, IFC invests Rs 300 crore

In order to finance its objectives for expansion and growth, the agrochemical company Crystal Crop Protection Ltd said on Wednesday that it has raised Rs 300 crore from IFC.

The largest international development organisation with a focus on the private sector in emerging nations is the International Finance Corporation (IFC), a member of the World Bank Group.

The "investment of Rs 300 crore (approximately USD 37 million) by IFC and IFC Emerging Asia Fund (EAF)" will aid Crystal Crop in increasing farm productivity, minimising supply chain disruptions, and establishing a solid infrastructure for the sustainable production of crop protection products, according to a statement.

The dilution of Crystal Crop's stake as a result of receiving this equity fund from IFC was not mentioned in the statement.

Farmers will have more access to specialised, reasonably priced, and environmentally friendly crop protection goods thanks to the project.

In addition to IFC, the IFC Emerging Asia Fund invests in all sectors of emerging markets in Asia. It makes stock and equity-like investments.

The funding package will assist Crystal in achieving its growth goals by allowing it to concentrate on innovation and bolster its capacity for research and development (R&D).

Ankur Aggarwal, Managing Director of Crystal Crop Protection Ltd, stated that this investment "will further consolidate the company's position in the Indian market and strengthen its commitment towards sustainable crop solutions to increase farm profitability of Indian farmers by leveraging R&D and technology."

According to him, the business is still dedicated to operating under the strictest environmental, health, and safety regulations.

IFC's Wendy Werner, the country head for India, stated: "The agriculture industry continues to be crucial to the green recovery as India recovers from the COVID-19 crisis. Millions of farmers will gain from IFC's investment by having easier access to sustainable, custom agri-solutions." Werner stated that the core of our development objective in the nation is to strengthen climate wise agribusiness.

She continued, "We are convinced that this investment will strengthen supply chains, inspire new investors, and foster industry resilience.

The investment would also assist the business in enhancing factory automation and IT infrastructure.

By meeting its working capital needs, Crystal Crop intends to achieve double-digit growth in the future for both seeds and crop protection agents.

Saffire Crop Science, the company's newest venture in the sale of agrochemicals, will use technology to advertise crops solutions and services. Nine acquisitions have been done by Crystal Crop to date in order to grow its business, with six occurring in the last five years.

One of the top producers of agricultural chemicals in the nation is Crystal Crop Protection Ltd. There are seven factories there.