Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Mahindra Agri Solutions Forms Joint Venture with Japan Based Sumitomo Corporation for its Crop Care Business

Posted On: 2018-10-12 13:38:07

Mahindra Agri Solutions Ltd. (MASL), a subsidiary of Mahindra & Mahindra, part of the USD 20.7 billion Mahindra Group, today entered into a joint venture agreement with Sumitomo Corporation Group, Japan, a global player in multiple industries including crop care, having access to the latest crop protection technologies. The joint venture will have Mahindra and Sumitomo Corporation holding 60% and 40% equity respectively in the new company named Mahindra Summit Agriscience Limited, subject to the parties receiving all applicable approvals. The combined strength of both the shareholders will leapfrog MASL's crop care business into the next orbit of growth.

The partnership will offer a pipeline of specialty, new generation products with unique and latest molecules to effectively manage pest and insect related challenges faced by farmers.

Speaking at the signing of the JV, Ashok Sharma, MD & CEO, Mahindra Agri Solutions Ltd., said, "We are delighted to join hands with Sumitomo Corporation, a leading global player, to offer the latest world class technology which would help to significantly reduce crop damage. This association will be a win-win for both the companies as it will bring Mahindra's presence across the Agri valuechain and Sumitomo's global expertise, on the same platform. I am hopeful that by providing world class crop care solutions, we will further the cause of augmenting farmer prosperity, thereby enabling them to Rise."

Speaking on the JV, Tomoaki Tetsu, GM, AgriScience Department, Sumitomo Corporation said, "We are excited about forming partnership with Mahindra Agri Solutions, one of the key companies in the Mahindra Group that has a strong presence in the market through the trusted Mahindra brand. We expect the new company, Mahindra Summit Agriscience Limited to leverage Mahindra's deep penetration in the Indian market and also enable us to collaborate with other Mahindra Group companies. Seeing the growth momentum of the Indian market, we are confident that this JV will enable Indian farmers to accelerate access to innovative solutions in terms of technology & products which would result in the increase of farmers' income."

The joint venture will benefit from the expertise of both the companies - Mahindra's strong rural presence and Sumitomo's unique know-how and Japanese technology. Mahindra will contribute through its strong farmer connect, wide spread domestic distribution and agriculture expertise, while Sumitomo Corporation has strong ties with large Japanese crop protection innovator companies which will result in the JV having access to latest global technology for minimising crop damage and increasing the yield.

MASL would be the first Indian company to have a JV partner that has deep relationships with large Japanese R&D houses. This will definitely open up access to latest Japanese technologies and products for the Indian farmers.

Initiated in 2005, MASL's Crop Care product portfolio comprises Insecticides, Fungicides, Herbicide, Biological products and water-soluble fertilizers.

Sumitomo was started in early 17th century with initial business of copper mining. Since 1992, Sumitomo Corporation had started investing in the crop care distribution channel and currently has presence in 33 countries.

Today, India loses nearly 40% of its total production in terms of value to pest attacks and diseases. Since per capita land availability in India will only go down, farmers will have to raise their agriculture production by improving productivity. Hence crop protection products are an important input for facilitating pre & post-harvest management. The current estimated consumption of crop protection products in terms of value is around 2.5 billion USD and is expected to grow at 7% annually for the next few years. With such a huge market potential and few organized players in this space, this JV has significant potential to revolutionise the crop protection business in India.

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.730.2 as compared to the previous close of Rs. 764.15. The total number of shares traded during the day was 174979 in over 5151 trades.

The stock hit an intraday high of Rs. 755 and intraday low of 715.15. The net turnover during the day was Rs. 129218491.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Confluence 2019 by Mahindra World City delves into 'Thinking Cities: The Rise of Resilience'

Uflex Honoured with 'Excellence in Packaging -Beverages' at The ET Polymers Awards 2019

Vikram Thermo India Ltd posts net profit of Rs. 0.60 crore in Q3

Lumax Auto Technologies Ltd updates on the PCB business

Robert Bosch Automotive Steering GmbH terminates JV agreement with ZF Steeting Gear India Ltd

Karnataka Bank bags ET Now - BFSI Awards

V-Mart Retail Ltd opens new store in Bihar, closes one

KPI Global bags order of 213.75KW Solar Power Plant under Captive Power Producer

Karnataka Bank shifts its Arehalli Branch to new premises on 16-02-2019

Shalby Hospitals Bestowed With Best IT Enabled Hospital Award 2019

PNC Infratech bags Rs.186 crore PWD road project in UP

Karnataka Bank opens its 838th Branch at Mysuru-Ramanuja Road on 16-02-2019

Ujaas Energy to launch E Scooter

Ground breaking Ceremony of Hooghly Cochin Shipyard Limited's New Yard Construction at Nazirgunge, Kolkata

Dr. Reddy's Laboratories Ltd receives EIR for Formulations Unit at Duvvada, Vizag

Karnataka Bank introduces 475 days special term deosit Scheme

Tech Mahindra Ltd board to consider buy back on Feb 21, 2019

Megasoft announces third quarter results for FY19

HCL Technologies and IBM Collaborate to Accelerate Clients' Hybrid Cloud Journey

Simplex Infra announces Q3FY19 results

Seya Industries Ltd 9MFY19: Sustained Momentum in Business

Alembic Pharmaceuticals announces USFDA Approval for Moxifloxacin Ophthalmic Solution USP 1 0.5%.

Gujarat Terce Laboratories Ltd launces Acolate Plus Tablet

BEML at Aero Show

HOCL approves proposal for sale of 8.08 acres land at Panvel

NIIT recognised as 'Best Training Institution' at the 9th Indian Education Congress at Awards 2019

Sonata Software completes acquisition of Sopris Systems LLC

Karda Constructions Limited announces 3QFY2019 results

Diligent Media Corporation Limited concludes sale of leasehold land for Rs. 57.32 crores

PNC launches streaming of movies on Netflix

Lupin launches Clobazam Oral Suspension, 2.5mg/ml

Technocraft Industries India Ltd opens operations in New Zealand

TRF Ltd approves issue of NCRPS to Tata Steel Ltd

Raminfo Q3 FY19 net profit increases 14.3% with revenue being Rs. 7.60 Crs

Paramount Communications Ltd bags order of Rs. 69.53 crores

ICRA assigns ratings to Nahar Industrial Enterprises Ltd

Sun Pharma returns product rights of Elepsia™ XR back to SPARC

NBCC India Ltd submits resolution plan for Jaypee Infratech Ltd

Lumax Industries Ltd announces setting up of in-house Electronic Facilities

IDFC FIRST Bank to sell stake in Digikredit

Karnataka Bank MD & CEO Shri Mahabaleshwara M S, conferred with 'CEO with HR Orientation Award'

Aanchal Ispat Ltd reports jump in Q3 PAT to Rs. 2.21 crores

Celestial Biolabs Ltd Q3 net profit slides to Rs. 0.07 crore

Donear Industries Ltd reports Q3 FY19 net profit of Rs. 5.14 crores

Mindteck Reports Financial Results for the Third Quarter Ending December 31, 2018

India Home Loan Ltd board approves fund raising proposal through warrants

Mangalore Chemicals & Fertilizers Ltd updates on annual maintenance

Zensar on the path of Rapid Innovation

ONGC board declares interim dividend of Rs. 5.25

Stovec Industries Ltd board recommends final dividend of Rs. 55







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019