ePlanet exits Sree Ramcides

Last Updated: Sat, Feb 02, 2013 04:21 hrs

ePlanet Capital has exited Chennai-based Sree Ramcides by selling its entire shareholding to Tokyo-based SDS Biotech KK (SDS Biotech), which is into research & development of agrochemicals. The company had invested around Rs 22 crore for a 36 per cent stake in 2008 and exited for Rs 50-52 crore.

This comes in the wake of SDS Biotech acquiring 65 per cent equity stake in Sree Ramcides for an enterprise value of $ 34 million (around Rs 100 crore). SDS Biotech is a subsidiary of Idemitsu Kosan Co, Limited, listed on the TSE with revenues of $ 47 billion and market capital of $3 billion.

Sree Ramcides, focused on manufacture of crop protection and crop health products, has entered into a strategic partnership with SDS Biotech.

Sree Ramcides managing director R Gopal said they decided on SDS to extend the reach and capture a greater share of the market. “Our aim is to touch a turnover of Rs 250 crore by 2014-15.”

Sree Ramcides has three manufacturing facilities at Pudukkottai (Tamil Nadu), Ambattur (Chennai) and Jammu (Jammu & Kashmir).

More from Sify: