 "ADAMA likely to invest $50 million in 3 years")
“We may invest anything like $50 million in the next 2-3 years in expanding our India business as we see huge growth potential for products meant for ensuring higher crop yields and crop protection,” said a company official did not want to be named.
ADAMA, formerly known as Makhteshim-Agan Industries, had so far invested around $60 million in setting up its headquarters and an R&D centre in Hyderabad, and a formulation plant at Dahej in Gujarat.
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Sales from Indian operations contributed 5-6 per cent to the company's global annual $3.08 billion sales in the last fiscal. “Our India operations are growing at an annual 30 per cent as against the industry average of 9 per cent. We would like to expand our direct presence in the local market,” said Chen Lichtenstein, president and CEO of ADAMA.
Lichtenstein said both China and India provided a separate universe in terms of potential opportunity for growth. According to him, Indian crop protection solutions market has a distinctive advantage when compared with the Chinese as the latter has a much stronger regulatory mechanism in place.
The company today unveiled its new name and brand ADAMA. According to it, the name ADAMA means ‘earth’ in Hebrew, the essential element of farming.
The move to change its name and brand is part of ADAMA's global move to unify more than 40 brands spread across the globe into a single name. It has so far completed its new brand introduction in 49 countries, while India is the 50th nation to join.
ADAMA India has a portfolio of 70 products reaching 13,000 retailers.