Indo-Oman fund invests Rs 95 crore in Gujarat firm

Mumbai

The Oman India Joint Investment Fund has invested Rs 95 crore in Gujarat-based agrochemical player GSP Crop Science for an undisclosed stake.

The private equity fund, a joint venture between State Bank of India (SBI) and State General Reserve Fund (SGRF) of Oman, has invested Rs 95 crore in the 1972-incorporated firm which is into manufacturing and distribution of bulk and branded agro chemicals, a statement said today.

“We invested in GSP Crop Science based on its underlying strengths in research and development leading to innovative products, marquee multinational and domestic customers, prudent mix of branded products and bulk sales in India and abroad,” the fund’s Chief Executive S Srinath said.

GSP’s portfolio comprises 70 branded products and a suite of technical offerings which are marketed through an extensive pan-India network of 5,000 distributors, over 30,000 dealers and 34 depots domestically.

It also exports to 25 countries, the statement said.

GSP Crop Managing Director Kenal Shah said the company is targeting to double its market share in next three years.

He, however, did not dislose the company’s current market share in the agro-chemical segment.

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