New Delhi: Bharat Insecticides Ltd (BIL) is now associated with Mitsui & Co and Nippon Soda Co as both the Japanese conglomerates have jointly acquired a majority stake in the Indian agrochemical products maker.
In a statement, Bharat Insecticides said that Mitsui and Nisso have acquired 56 per cent stake in the company through a special purpose company co-founded by Nisso and Mitsui.
The promoters of Bharat Insecticides will continue to hold balance shares in the company.
As a result of this transaction, BIL has become a group company of Mitsui & Co Ltd. The new relationship with Mitsui and Nisso will further strengthen BIL's ability to deliver innovative crop protection products and support the sustainable growth of India's agriculture sector, the statement said.
Sat Narain Gupta, Founder Promoter, BIL said: "This is a momentous occasion for us. BIL was started 43 years back with just 2 products and since then, BIL has come a long way. We hope that being a part of Mitsui group will take BIL to the next level."
Post the development, Kimihide Kondo, GM, Mitsui has joined BIL as Joint MD and Masanori Katsura has joined as the CFO of the company.