NEW DELHI, Nov 4:
Agrochemical firm Crystal Crop Protection on Monday said it has acquired Bengaluru-based I&B Seeds as it seeks to strengthen its position in India’s vegetable and flower-seed segment.
“The deal has been fully executed with shares purchased from two major shareholders. The share transfer was completed last week on the day of Diwali,” Crystal Crop Protection Managing Director Ankur Aggarwal told PTI.
While not disclosing the deal amount, Aggarwal said it is estimated at two-times I&B Seed’s annual revenue of Rs 130 crore.
The acquisition was funded through internal accruals and marks Crystal Crop’s fifth purchase in the seeds business and twelfth overall.
“This acquisition will contribute 30 per cent to our Rs 400 crore seed business,” Aggarwal said, adding that the company will retain I&B Seeds’ flagship brands ‘Indus’ and ‘SPS’.
India’s flower and vegetable seed market is valued at over Rs 600 crore.
The integration is expected to be completed within six months.
“By expanding into the vegetable and flower seed segments, we are not only diversifying our offerings but also enhancing our ability to provide farmers with high-quality seeds that can significantly increase their incomes,” Aggarwal said.
In a separate statement, I&B Seeds Managing Director Praveen Noojibail said this acquisition would combine the company’s legacy in flower and vegetable seeds with Crystal’s extensive resources and distribution network.
I&B Seeds Partner George Ball said this acquisition would help the company’s R&D reach farmers at a larger level.
Crystal Crop has been expanding through acquisitions, including Sadanand cotton seed portfolio from Kohinoor Seeds (2023) and cotton, pearl millet, mustard, and sorghum portfolio from Bayer (2021).
The company previously acquired various agrochemical and seed brands from global players including Syngenta, FMC, and Dow-Corteva between 2018 and 2022. (PTI)
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