PI Industries acquires lsagro Asia

PI Industries announced on Friday that it has executed the acquisition of lsagro Asia through 100 per cent share holding.

In a statement, PI Industries said that it has executed an offer with lsagro S.p.A, for acquisition of the business of Isagro Asia. lsagro S.p.A is incorporated in Italy and it is a promoter of Isagro Asia. The acquired company Isagro Asia is engaged in contract manufacturing, local distribution and exports of agro chemicals. The transaction value estimated at Rs. 345 crore net of cash and debt will be subjected to closing adjustments. The consummation of the proposed transaction is expected in Q3FY20. Post this acquisition, PI Industries expects encouraging growth opportunities across its business model and will seek initiatives to augment business progress.

This acquisition will provide PI access to additional manufacturing capacities that will help it meet growing demand of global customers and synergy benefits of adjacent manufacturing site while de-risking the supply chain of few products.

PI Industries is engaged in the business of- Agri inputs, Fine Chemicals and (CRAMS) Contract Research and Manufacturing Services), Polymers and Engineering Services

On Friday, the stock of PI Industries opened at Rs. 1245.00 per share and made an intraday high and low of Rs. 1300.00 and Rs. 1245.00, respectively on the BSE. The stock closed at Rs. 1284.00, up by 3.43 per cent.