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Insecticides India to invest Rs 35 crore on Dahej plant

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Newswire18 Mumbai/ New Delhi

Insecticides India plans to invest Rs 35 crore over the next five years for setting up a 20,000-tonne capacity plant at Dahej, Gujarat.

“So far, we have achieved the target for this financial year by completing the expansion of our plants in Rajasthan and Jammu and Kashmir. We now plan to invest Rs 35 crore over the next five years on setting up the plant at Dahej. Of this, Rs 6-7 crore will be spent on research and development,” Managing Director Rajesh Aggarwal said.

The Dahej plant will start operations by mid-2010,” Aggarwal said. The company will fund Rs 15 crore from the proceeds of its initial public offering for the Dahej project, while the remaining amount will be raised through internal accruals.

 

Insecticides India is an agro chemical manufacturer, producing more than 80 types of insecticides, fungicides, weedicides, herbicides and plant growth regulators and household pesticides.

The company has 3,500 distributors in major parts of the country.

The company is targetting a revenue of Rs 300 crore in the current financial year to March, of which Rs 230 crore has already been achieved, Aggarwal said. In 2007-08, the company’s revenues stood at Rs 230 crore.

The company plans to enter markets in northeast India by the beginning of February, with a branch in Guwahati and 25-30 dealers across the northeastern states.

“We plan to enter the northeast markets by the start of February. This will give us a presence all over the country. We target sales of Rs 5-6 crore in the northeast during the next financial year,” Aggarwal said.

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First Published: Dec 12 2008 | 12:00 AM IST

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