Mumbai: Vijay Mallya-controlled Bayer CropScience has taken up a Rs43-crore capital expenditure plan this year and also intends to launch two to three products, including Bt rice, a top company official said.
The company will spend Rs43 crore toward capital expenditure this year for products-related activities and is in the process of developing Bt rice. It is also working on bio-research technology as well, Bayer CropScience chairman Vijay Mallya told shareholders at the company’s annual general meeting (AGM) here.
Bt rice, is a variant that has been modified by means of biotechnology with genes from Bacillus thuringiensis (Bt) to produce toxins for resistance to insects.
“We will continue to launch a minimum of two to three products in the market every year and going forward this will also reduce our monsoon dependency as well,” Mallya said.
Reacting to the poor monsoon this year, Mallya said there was no impact on the company business.
The company will continue to concentrate on development of stress resistant products like monsoon resistent, insect resistant, etc, to reduce dependence of the company’s products range to unforeseen factors.
The company also intends to explore opportunities in GM technologies in the medium-to-long-term that could contribute significantly in increasing food security for the country.
The company will continue to focus on seed-to-harvest concept that is providing total solution to the agriculture community in the country, Mallya said, adding that the products launched last year have contributed 23% to its overall sales.
The company is also poised to benefit from intensified focus of the parent company on research into increasing yields and stress tolerance.
Commenting on future outlook, Mallya said the current scenario of drought in the country concerns the agricultural sector and overall foodgrain production in the country.
Bayer CropScience’s strong product portfolio and excellent demand -creation activities will ensure that company will continue to grow and help farmers protect their valuable crops during these testing times, he said.