Japan-based conglomerate Sumitomo is looking to acquire a 44% stake in India-based agrochemical firm Excel Crop Care for a consideration price between INR 12 – 13bn.
Sumitomo plans on buying out a 24.7% equity stake held by owners, the Shroff family, and a 19% stake held by two other shareholders Ratnabali Investments.
Meanwhile, Australia-based shareholder Nufarm, a seeds manufacturer, which holds c.14% stake in Excel, would retain its stake in the company.
Excel is engaged in the export of agrochemicals to the U.S and Europe.
Source: Economic Times