Safex Chemicals to invest ₹1 billion in agri-tech segment in next 3 years
1 min read . Updated: 03 Jan 2023, 04:50 PM IST
Premium- Safex aims to grow over 14% organically while leading its inorganic growth towards 56% for its adaptation and evolution
New Delhi: Agro-chemical firm Safex Chemicals on Tuesday said it plans to invest ₹1 billion in its new agri-tech arm, AgCare Technologies in three years for launching an interactive tech platform and for setting up a manufacturing unit.
The company recently said continuous advancements in processes, augmenting capacities, and enhancement of capabilities have empowered it to grow over 21 times since 2010 and to make it an over 24% CAGR business over the last five years.
Safex aims to grow over 14% organically while leading its inorganic growth towards 56% for its adaptation and evolution with forever-changing scenarios.
“We are delighted to announce that we have undertaken 4 acquisitions in past 7 Years. We also enjoy the status of being an A-rated company for our external credit rating by premier rating agency “CRISIL" because of phenomenal financial track record, strong debt protection metrics and superior creditworthiness. To maintain a sustainable performance and strategizing better market penetration, we are looking forward to commence our marketing operations in J&K, Assam, Tamil Nādu and Karnataka," said Piyush Jindal, Group Director, Safex.
In FY23, Safex acquired Briar chemicals based out of the UK and embarked on its journey to become a market player in CDMO space.
The company believes that this will be a step in the right direction to build on new competencies and become an integrated player within agrochemical industry value chain, thus helping gain a strong leadership position in the industry. The transaction enumerates to be one of the largest outbound acquisitions within chemical space in India.
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Going forward, Safex is aiming to expand its footprints into the EU, the UK, and China region expediting synergies within various operations of the group
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