Agrochemical company Crystal Crop Protection Ltd is close to acquiring some brands of US-based chemicals company FMC Corporation, a media report said.
The brands to be acquired could include Furadan, Splendour, Metcil and Affinity Force, The Economic Times reported, citing people aware of the development.
The acquisition will help strengthen Crystal Crop’s insecticide and herbicide portfolio, according to the report.
The report comes as Crystal Crop is preparing to go public. The company received approval from the Securities and Exchange Board of India to float an initial public offering last month.
The Delhi-based company is looking to raise Rs 545 crore by issuing fresh shares in the IPO. The issue also includes an offer for sale by promoters as well as private equity firm Everstone Capital. The total IPO size is likely to be around Rs 1,000 crore.
In April, the company had bought three seed brands from Swiss agribusiness firm Syngenta AG. Earlier this year, it acquired a manufacturing unit from Cytec India Specialty Chemicals & Materials for Rs 96.7 crore.
In a separate report, Mint said that billionaire Dilip Shanghvi’s Sun Petrochemicals Pvt. Ltd has bid for the assets of debt-laden Assam Company India Ltd.
Citing two people aware of the development, the report said that Assam Company is undergoing insolvency proceedings at the National Company Law Tribunal.
Citing a person aware of the development, the report said Sun Petrochemicals has bid for assets which include a tea garden, the Amguri oil field and a hydrocarbon and an SEZ asset.
In another report, Mint said that asset management company Blue Lotus Capital has made the final close of $35 million (Rs 240 crore) for its Blue Lotus Capital Multibagger Fund.
The fund, which makes private investments in public equities (PIPE), had hit the first close of $15 million in September 2017.
The fund will focus on listed small and medium enterprises with market capitalisation of up to Rs 5,000 crore, according to the report.
S.Harikrishnan, founder and managing partner of Blue Lotus Capital, was earlier managing director of private equity firm Avigo Capital Partners.
