Mumbai, Feb 19 (UNI) United Phosphorous has acquired 100 per cent stakes in Colombia-based Evofarms, a marketing company of generic products in the crop protection industry, in an all cash offer.
Company CMD Rajju Shroff said, ''We have acquired 100 per cent stakes in Evofarms. This acquisition will add around one to two per cent to the turnover. Evofarms has a strong scientific as well as marketing base in Colombia, which is a very important market for us now.'' ''Evofarms has a good market potential, as Colombia is a fast growing agro-chemical and agricultural country. There are good crops like potato, rice, banana, fruits, flowers which fit into our product range of herbicide, pesticides, fungicide and others. So it will help us in increasing our sales and penetration in these area,'' Mr Shroff said.
''Evofarms is a small company but has a fairly good margin. Once we acquire the company, margins will move up further. Last year, the growth was around 30 per cent and this year also, with new products coming in and our markets in Latin America and USA growing, we will be increasing it by 15-20 per cent,'' he added.
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