Agro-chemical firm Crystal Crop Protection is looking at doubling its turnover to Rs 2,500 crore by March 2020 on the back of aggressive portfolio expansion plans.
Crystal Crop, which has private equity firm Everstone Capital as investor in the company, had posted a turnover of Rs 1,200 crore during last fiscal.
The company has three manufacturing facilities -- two in Jammu and one in Haryana. It is into agrochemical, agro- equipment and seed business.
"We expect our turnover to increase to about Rs 1,500 crore during this fiscal. This year monsoon has been good. We have also acquired a fungicide brand 'Bavistin' from BASF and this will boost our sales," Crystal Crop Protection Chairman Nand Kishore Aggarwal told PTI.
He said the company has set a target to achieve Rs 2,500 crore by the end of FY 2019-20.
"Every year we will be launching 3-4 products in the market. We have pipeline of our own patented products as well," Aggarwal said.
These products would be in all categories -- fungicides, insecticides, herbicides and plant growth regulators.
When asked about acquisition, he said there is no such plans as the company had in July this year acquired a fungicide brand 'Bavistin' from Germany-based BASF.
The market of Bavistin brand in India is more than Rs 100 crore (at farmers' price) with application of around 70 lakh acre. It is used in fruits, vegetables, cereals, oilseeds and pulses. The size of the domestic agrochemical market is about Rs 16,000 crore, of which around Rs 3,000 crore is fungicides.
On fund raising plans, Aggarwal said the company is exploring various options including initial public offer (IPO) and a decision is expected in next 3-4 months.
Private equity firm Everstone Capital had invested about USD 30 million in the company in 2012 and has about 9 per cent stake.
Aggarwal added the company is also focusing to expand its seed business, which currently has a turnover of about Rs 60 crore. Crystal group had acquired Hyderabad-based Rohini Seeds in 2011. It is currently selling commercial and hybrid seeds of cotton, rice and maize.
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