The bio-pesticides business is engaged in the manufacture and marketing of neem-based Azadirachtin technical and formulations, plant extract-based bio-stimulants, micronutrients, microbials, and so on, and has brands that are well established in India and globally.
"The transaction is part of the strategic plan of the company to consolidate and focus on its core business in food and nutraceuticals space. Also, it would help the company to keep its gearing at a lower level to handle the sugar cyclical movements", Murugappa Group, Chairman, A Vellayan said.
The bio-pesticides business would gather growth momentum in the hands of Coromandel through their strong position in crop protection business in India, he said.
At 12:36 PM; Coromandel International (up 2.8% at Rs 552) and EID Parry (India) (up 2.2% at Rs 359) were up more than 2% against 0.07% rise in the S&P BSE Sensex.