Agro-chemical manufacturing company Insecticides India Ltd (IIL) today said it has entered into a joint venture with Japan-based Otsuka AgriTechno to set up an R&D centre in Rajasthan.
"The joint venture is estimated to be set up on an initial capex of Rs 40-50 crore," IIL said in a statement.
The Japanese firm would provide the technology and research know-how, it said, adding that the JV would mainly focus on new agro-chemicals.
The centre would come up on 4,000 sq mts area, the BSE and NSE listed company said.
"IIL will have the exclusive right to develop, productise and commercialise the new products across the world in their specified territories," it said.
IIL Managing Director, Rajesh Aggarwal said the new products invented in the research centre will help farmers to increase production.
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"The new centre will have brains from both India and Japan. A team of scientists will work at the centre to invent about 4-5 molecules in next 5 years. These products will include all categories of agro chemicals such as insecticides, weedicides and fungicides," Aggarwal said.
Shares of the company were trading at Rs 415 a piece on the BSE, down 4% from the previous close.