Dhanuka plans to buy seed firm

Agro-chemicals major Dhanuka Agritech plans to acquire a seed firm and expand its Sanand facility in Gujarat to double its production capacity by the end of next fiscal.

As the demand for better seeds and pesticides is rising and so the company wants to tap the opportunity. “We are planning to acquire a seed company for around Rs 50-crore within a year," informed Dhanuka Agritech's Chief Financial Officer (CFO), V K Bansal.

The money has been tied up with a PE firm, he said, without disclosing any further details. Dhanuka Agritech is engaged in the manufacturing of a range of pesticides and fertilisers and has four pesticides manufacturing units located at Gurgaon and Sohna (Haryana), Sanand (Gujarat) and Udhampur (J&K). The company's gross turnover touched Rs 500-crore in the 2010-11 financial year.