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    Home > Chemial News > Echemi Focus > PI Industries to acquire Asia biz of Isagro

    PI Industries to acquire Asia biz of Isagro

    Chemical Weekly 2019-10-14


    PI Industries has executed an offer with Isagro S.p.A (a company incorporated in Italy, the promoter and existing shareholder of Isagro Asia) for acquisition of the business of Isagro Asia, who are engaged in Contract Manufacturing, local distribution and exports of agrochemicals through acquisition of 100% shareholding of Isagro Asia. The business will be acquired by PI directly or through its subsidiary.

    The transaction value is estimated Rs. 345-crore net of cash and debt, subject to closing adjustments. The consummation of the proposed transaction is expected in Q3FY20 subject to finalisation of definitive agreements, customary closing conditions and regulatory approvals. The parties have entered into exclusivity agreement for this purpose.

    The proposed acquisition will provide PI access to additional manufacturing capacities to meet growing demand of global customers and synergy benefits of adjacent manufacturing site while derisking the supply chain of few products. In addition, it will also help PI strengthen its position in the Indian market by leveraging complementary product portfolio and distribution channel of Isagro Asia.

    This is the first major acquisition by PI Industries since it sold PI Polymer, its engineering plastics business, to France’s Rhodia SA in December 2010 for Rs. 70-crore ($15.47-mn then).

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