City-based Sree Ramcides Chemicals, focused on the manufacture of crop protection and crop health products, has entered into a partnership with Tokyo-based SDS Biotech K.K., a research and development-oriented agrochemicals company.
SDS Biotech, a subsidiary of Idemitsu Kosan Co of Japan, has acquired 65 per cent equity stake in Sree Ramcides for an enterprise value of $ 34 million (Rs. 185 crore). ePlanet Capital, which invested in Sree Ramcides in 2008, would sell its entire shareholding to SDS Biotech as part of this transaction.
Addressing presspersons here , R. Gopal, Managing Director, Sree Ramcides, said that the pact with SDS Bio Tech was to reach and capture a greater share of the market. The aim was to grow rapidly and reach a turnover of Rs. 250 crores by 2014-15, he said. Mr. Gopal said Sree Ramcides has manufacturing facilities — one each in Pudukkottai (Tamil Nadu), Ambattur (Chennai) and Jammu (Jammu & Kashmir). SDS Biotech is an active ingredients and formulations manufacturer. Its main products include fungicides and paddy herbicides.
Idemitsu Kosan Co. is a global Fortune 500 company engaged in refining and sale of petroleum and petrochemical products.