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Agro-chemical firm Crystal Crop Protection is looking at doubling its turnover to Rs 2,500 crore by March 2020 on the back of aggressive portfolio expansion plans.
Crystal Crop, which has private equity firm Everstone Capital as an investor in the company, had posted a turnover of Rs 1,200 crore during the last financial year.
The company has three manufacturing facilities -- two in Jammu and one in Haryana. It is into the agrochemical, agro-equipment and seed business.
"We expect our turnover to increase to about Rs 1,500 crore during this financial year. This year, monsoon has been good. We have also acquired a fungicide brand 'Bavistin' from BASF and this will boost our sales," Crystal Crop Protection Chairman Nand Kishore Aggarwal told PTI.
He said that the company has set a target to achieve Rs 2,500 crore by the end of FY 2019-20.
"Every year we will be launching three-four products in the market. We have pipeline of our own patented products as well," Aggarwal said.
These products would be in all categories -- fungicides, insecticides, herbicides and plant growth regulators.
When asked about acquisition, he said that there is no such plans as the company had in July this year acquired a fungicide brand 'Bavistin' from Germany-based BASF.
The market of Bavistin brand in India is more than Rs 100 crore (at farmers' price) with application of around 70 lakh acre. It is used in fruits, vegetables, cereals, oilseeds and pulses. The size of the domestic agrochemical market is about Rs 16,000 crore, of which around Rs 3,000 crore is fungicides.
On fund raising plans, Aggarwal said the company is exploring various options including an initial public offer and a decision is expected in the next three-four months.
Private equity firm Everstone Capital had invested about $30 million in the company in 2012 and has about nine per cent stake.
Aggarwal added that the company is also focusing to expand its seed business, which currently has a turnover of about Rs 60 crore. Crystal group had acquired Hyderabad-based Rohini Seeds in 2011. It is currently selling commercial and hybrid seeds of cotton, rice and maize.
