Everstone Capital acquires minority stake in Crystal Crop Protection for Rs 150 crore

NEW DELHI: Private equity firm Everstone Capital has acquired a minority stake in Delhi-based Crystal Crop Protection for Rs 150 crore. The stake sale will happen through issue of fresh shares in the company. "The funds raised will be used by Crystal to further consolidate its position in the Indian market, strengthen presence in international markets, enhance existing product portfolio and explore inorganic growth opportunities in India and abroad,” Ankur Aggarwal, managing director, Crystal Crop Protection said.

Founded in 1983 by Nand Kishore Aggarwal, Crystal Crop Protection is engaged in the business of products such as insecticides, fungicides, herbicides, plant growth regulators and micronutrients. The company has a base of almost 100 products and a network of over 4,000 distributors and retailers spread across India. The company has been growing at 35% a year and is expected to surpass Rs 800 crore in revenues in the year ending March’12.

“With increased industrialisation and urbanisation, productivity improvements are a necessity to meet India’s food requirements. Crystal is well positioned to take advantage of this requirement and has an attractive business model,” Dhanpal Jhaveri, CEO, Everstone Capital said. Everstone Capital, which has assets worth over $1.5 billion under management, already has investments in companies including Sula Wines, VLCC, Regen, Blue Foods and Asian Genco.