Hikal enters into long term pact with German firm

MUMBAI: Hikal Ltd on Wednesday said it has entered into a long term manufacturing agreement with Germany-based Bayer CropScience AG to manufacture and supply Active Ingredients for crop protection products.

Hikal provides Active Ingredients, intermediates and R&D services to companies in the fields, including agrochemicals and specialty chemicals.

In a filing to the Bombay Stock Exchange, the firm said it has entered into a long term contract manufacturing agreement with Bayer CropScience AG for manufacture and supply of Active Ingredients for crop protection products.

Further, the firm has set up a new state-of-the-art multi purpose plant at Taloja in Maharashtra.

"Signing of this agreement will have substantial impact on the crop protection business of the company in coming years," the filing added.

Bayer CropScience AG, which is a subsidiary of Bayer AG, Germany, is focused in the areas of crop protection, non-agricultural pest control, seeds and plant biotechnology.

In afternoon trade, shares of the company were trading at Rs 372.80, down 2.98 per cent on the BSE.