Insecticides India, Otsuka JV invest $1 billion agrochemicals

Insecticides India, Otsuka JV to invest $1 billion for agrochemicals

9:24 AM, 10th October 2012
Insecticides India, Otsuka JV to invest $1 billion for agrochemicals

NEW DELHI, INDIA: Agro-chemical manufacturing company, Insecticides India Ltd (IIL) and Japan-based Otsuka AgriTechno (OAT) are expected to invest about Rs 500 crore ($1 billion) to develop new agro-chemicals over the next five years. Both the companies have recently formed a joint venture to set up a modern R&D centre in Rajasthan. The centre is expected to start its operations from April 2013, informed Rajesh Aggarwal, Managing Director, Insecticides India.

“$20 million (about Rs 100 crore) is required to develop a single molecule (for an agro-chemical),” Tetsuya Imai, Board Member, OAT told Press Trust of India (PTI). The centre aims to invent five new molecules over the next five years, he added.

The Japanese firm would provide the technology and research know-how to invent new agro-chemicals. Imai also said India’s growing agro-chemicals market has attracted the Japanese firm to enter the country. “This is the OAT’s first R&D centre outside Japan. India has a huge market. Agriculture sector is growing at a rapid pace here. We see lot of opportunities in India,” he added.

The market size of Indian agro-chemicals industry is expected to more than double to $5 billion by 2017 on rising agri production and increasing awareness among farmers. Currently, the market size of the sector stood at about $2 billion.

Per capita pesticide consumption of less than 500 gm of per hectare in India is far below the world average of about 3 kg per hectare. “The figure reflects that huge potential exists here,” said Aggarwal.

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