IFC invests Rs 300 crore in agro-chemical firm Crystal Crop Protection

Agro-chemical firm Crystal Crop Protection Ltd on Wednesday said IFC and IFC Emerging Asia Fund have made an investment of Rs 300 crore in the company.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. The IFC Emerging Asia Fund, launched in 2016, makes equity and equity-like investments across all sectors in emerging markets in Asia alongside IFC.

"An investment of Rs 300 crore (approximately USD 37 million) by IFC and IFC Emerging Asia Fund in Crystal Crop Protection Ltd will allow the company to boost farm productivity, reduce supply chain disruptions triggered by COVID-19, and set up a robust infrastructure for sustainable production of crop protection products," the company said in a statement.

The financing package will support the company's growth plans enabling it to focus on innovation and strengthening its research and development capacity, it said.

"This investment will further consolidate the company's position in the Indian market and strengthen its commitment toward sustainable crop solutions to increase farm profitability of Indian farmers by leveraging R&D and technology," Crystal Crop Protection Managing Director Ankur Aggarwal said.

IFC India Country Head Wendy Werner said, "As India emerges from the COVID-19 crisis, the agriculture sector remains critical to green recovery. IFC's investment will help improve access to sustainable, tailor-made agri-solutions benefiting millions of farmers."

Strengthening climate smart agribusiness is at the heart of IFC' development mission in the country. "We are confident this investment will bolster supply chains, encourage future investors and promote resilience in the sector," she added.

The investment will also help the company improve its IT infrastructure and automation in its plants.

The company recently launched a new business in agrochemical retail, Saffire Crop Science, which will leverage technology to promote crops solutions and services, allowing farmers to access them more efficiently.