Sumitomo Chemical India to buy majority shares in Barrix

摘要

Sumitomo Chemical’s Indian subsidiary,Sumitomo Chemical India,has agreed to acquire a controlling stake in Bengaluru,Karnataka-based Indian agrochemical business Barrix Agro Sciences.The transaction involves the former acquiring 85% of the equity shares in Barrix for a sum of up to INR 850 million($10.3 million at the current rate).Barrix focuses on the manufacturing and marketing of IPM and plant nutrition management products and specializes in pheromone-based crop protection technologies that are utilized for monitoring and trapping agricultural pests.Sumitomo anticipates the acquisition”substantially”expanding its portfolio of agricultural inputs.