Chandigarh: Keen on expanding globally, agrochemicals firm Punjab Chemicals and Crop Protection Ltd today said it was scouting for acquisitions in the US and Europe to grow its overseas turnover to Rs300 crore this fiscal.
“We are looking at 3 to 4 agrochemicals companies based at USA and Europe for the purpose of acquisition by way of studying their product portfolios and number of registration these companies are having for their products.
“However, it is at preliminary stage,” PCCPL, Director (Operations and Business Development), Avtar Singh said.
Although the company was not eyeing big overseas manufacturers, it interested in only those that have a large number of registrations in other countries for selling agrochemicals products, he said.
PCCPL shot into the limelight last year when it acquired Argentina-based ‘Sintesis Quimica´ for $10 million for expanding its manufacturing base outside India.
It also acquired Netherlands-based Pegevo Beheer BV, whose products are registered in Belgium, the UK, France, Germany, Ireland, Denmark, Italy, Slovakia, Czech Republic etc.
It recently acquired a Vadodra based agrochemicals firm Parul Chemicals, having an enterprise value of Rs9 crore.
“We are eyeing new markets such as South America, Taiwan, Korea, Japan and Australia in order to tap potential here,“ Singh said.
The company has recently tied up with a Japanese firm for supplying 100 tonnes of intermediate herbicide for five years.
PCCPL is also expecting to launch one or two new agrochemicals products for commercial production this year. “We have recently introduced an agro chemical ‘Acephate´ for different agriculture crops and we have completed Research and Development job on 3-4 new products and out of which 1-2 will be commercially produced here,” he said.
With regard to its pharmaceutical business, PCCPL has decided to start manufacturing a new Active Pharmaceutical Ingredients (API) ‘Alvendazole´ for commercial production next month. Presently, the company manufactures API Trimethoprim and Fluconazole. The company is also carrying out R & D work on 10-11 products including 2 API and 8 pharmaceutical intermediate.
Expecting over 20% growth, PCCPL is anticipating total sales between Rs800 and 850 crore by 2008-09 compared to Rs650 crore in 2007-08.