Bayer CropScience Sells Pesticide Brand To Cheminova For Rs 10 Cr

Mumbai, April 15: | Updated: Apr 16 2003, 05:30am hrs
Bayer CropScience India Ltd (BCIL), which is on a rationalisation and consolidation drive post-acquisition of Aventis CorpScience by its parent Bayer AG, has recently sold Phosalone (Zolone) pesticide to Cheminova for a consideration of Rs 10 crore.

The company has also sold its insecticide Fipronil under Regent brand name to BASF internationally. However, it will continue to distribute the product in India.

A top company official said, As part of streamlining our product portfolio post-acquisition, we have entered into as many as 31 agreements for divestment. All the contracts have been signed. Last month, the company has sold Phosalone to Cheminova whose Indian operation already has gained a strong foothold in the domestic pesticide market. Bayer had a good market for Phosalone in India.

He added, Though we have sold Fipronil to BASF, we retain access to market Fipronil and its mixtures in certain non-agricultural markets and we would like to further expand our position in this area. With the successful integration of Bayer CropScience and our strong presence in the global markets, we continue to focus our efforts on building the leading crop science business in the country.

Bayer CropScience AG is in the process of selling a package of selected insecticides and fungicides to BASF AG, while retaining certain back-licenses for non-agricultural applications.

In accordance with the respective consent orders, the agreements with BASF contain assets and rights related to the two insecticide active ingredients Fipronil (world-wide) and Ethiprole (Europe). Also included are a number of fungicides like Prochloraz, Iprodione, Triticonazole, Fluquinconazole and Pyrimethanil. Bayer CropScience is a merger of the relevant business groups of Bayer AG with the crop protection business of Aventis.

The result is a company that offers probably the most comprehensive crop protection portfolio in the world. Bayer CropScience, with annual sales of some Euro 6 billion, is one of the worlds leading innovative crop science companies in the areas of crop protection, seeds and green biotechnology, as well as non-agricultural pest control.

The company offers a wide range of products and extensive service backup for modern, sustainable agriculture and for non-agricultural applications.