Chairman of the company R Agarwal said that a product of Japan-based Nissan Chemical Industries Ltd was being imported and a special packaging unit has been set up at Gurgaon.
He said that the product would save cost of the farmers spent on mannual weeding and water.
"The new product will cut the cost of farmers by almost half," he said.
Company's Vice President A C Shukla said that India, which was number one in sugar production till 1989, was now trailing Brazil.
"It is estimated that by 2030 the national sugar consumption will be around 330 metric tonne. By that standard we need to increase the production by 27 per cent which is a big challenge," he said.
Shukla said the use of new herbicide would increase production by 7 per cent to 12 per cent.
The product will soon be available across the country through a network of dealers and distributors. It would benefit farmers in Uttar Pradesh, Punjab, Haryana, Maharashtra, Karnataka and Tamil Nadu.