Punjab Chemical acquires Dutch company

Mumbai, Aug 27 (UNI) Indian agro-chemical major Punjab Chemicals and Crop Protection Limited (PCCPL) has announced acquisition of 100 per cent equity shares in Dutch-based Pegevo Beheer for Euro 39.5 million (Rs 225 crore).

The Company here today said that it has made strategic investment in Pegevo, which has an annual turnover of 25 million Euros. The transaction will be made in the proportion of 65 per cent in debt and 35 per cent through equity.

Speaking to mediapersons, PCCPL Managing Director Shalil Shroff said, '' This was the second acquisition made by the Company within last two years. With this acquisition we are looking at entering the EU market with formulation brand.'' Mr Shroff said that the Company last year had made another acquisition in Argentina through the same subsidiary in Netherlands.

While the earlier acquisition had given PCCPL access to the South American market, this will give the company access to the European market and will also provide a boost to the organic growth of the company, Mr Shroff added.

UNI