‘The financing package will support the company’s growth plans to focus on innovation and strengthen its R&D capability’
‘The financing package will support the company’s growth plans to focus on innovation and strengthen its R&D capability’
Agro-chemical firm Crystal Crop Protection Ltd on Wednesday said IFC and IFC Emerging Asia Fund have invested ₹300 crore in the company.
IFC, a member of the World Bank Group, is the largest global development organization focused on the private sector in emerging markets. The IFC Emerging Asia Fund, launched in 2016, invests in equity and equity across all sectors in IFC as well as emerging markets in Asia.
“A ₹300 crore (approximately $37 million) investment by IFC and IFC Emerging Asia Fund in Crystal Crop Protection Limited is expected to boost agricultural productivity, mitigate supply chain disruptions triggered by COVID-19 and establish a robust infrastructure. will allow sustainable production of crop protection products,” the company said in a statement.
The funding package will support the company’s growth plans, enabling it to focus on innovation and strengthen its research and development capability.
Ankur Aggarwal, Managing Director, Crystal Crop Protection, said, “This investment will further strengthen the company’s position in the Indian market and strengthen its commitment to sustainable crop solutions to enhance agricultural profitability of Indian farmers by leveraging R&D and technology. will do.”
Wendy Werner, Country Head, IFC India, said, “As India emerges from the COVID-19 crisis, the agriculture sector remains critical to green reform. IFC’s investment is to reach sustainable, tailor-made agri-solutions benefitting millions of farmers. will help improve access.”
Strengthening climate smart agribusiness is at the heart of IFC’s development mission in the country. “We are confident that this investment will strengthen the supply chain, encourage future investors and promote resilience in the region,” he added.
The investment will also help the company improve IT infrastructure and automation at its plants.
The company recently launched a new business in agrochemical retail, Sapphire Crop Science, which will leverage technology to promote crop solutions and services, enabling farmers to access them more efficiently.