Bayer Cropscience said that its board has approved the sale of its Environmental Science Business to 2022 ES Discovery India on a slump sale basis, for a consideration of Rs 111.1 crore.
The company's Environmental Science Business offers solutions to control pests, diseases and weeds in non-agricultural areas such as vector control and professional pest management.
Bayer had recorded sales of Rs 68.3 crore for Environmental Science Business which is 1.4% of the revenue from operations of the company for the financial year ended 31 March 2022.
The business transfer agreement (BTA) for sale of ES Business by the company to 2022 ES Discovery India is expected to be executed on the closing date i.e., 4 October 2022.
Offering the rationale for the said divestment, Bayer said: With the divestment of the global environmental science professional business, crop science division will be able to focus on its core agricultural business, accelerate implementation of its growth strategy while allowing the environmental science business to obtain the growth resources it needs under new ownership.
Bayer CropScience is engaged in the manufacturing of crop protection products like herbicides, insecticides, fungicides and seed treatment, non-agricultural pest-control, seeds and plant biotechnology.
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The company's net profit rose 19.3% to Rs 302.60 crore on 17.8% rise in net sales to Rs 1667.40 crore in Q1 June 2022 over Q1 June 2021.
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