Insecticides India Ltd is eying 10% share of the Rs 900-crore market for pesticides in the northern region in 2009-10.
The company is adding 10 new products to its portfolio and launching its fourth manufacturing plant for pesticides in Jammu and Kashmir. Involving an investment of Rs 5 crore, the plant is expected to commence production by September this year.
The company hopes to add Rs 20 crore to its business from the northern region including Punjab and Haryana where pesticide consumption is growing 10 % annually.
Talking to FE here on Thursday, Rajesh Aggarwal, managing director, Insecticides India, said, ?The company hopes to raise its share from 8.33% to 11% in Punjab, which is among the top three states in pesticides use, with a market estimated at Rs 550 crore. In Haryana, where the total pesticides market is estimated at Rs 375, we will take our share from 7% to 9.5%. Our company also plans to focus on vegetable plantation and orchards where Himachal Pradesh and Jammu & Kashmir will remain the focus areas.?
The company has a presence of 450 distributors covering the entire northern market.
It has a strong presence in Patiala, Amritsar, Moga, Ferozpur, Muktsar, Abohar, Ludiana, Bhatinda and Rampura in Punjab and Sirsa, Kaithal, Fatehabad, Sonipat, Rewari, Yamunanagar, Hissar and Ambala in Haryana.
The company, which has turnover of Rs 300 crore, will start exporting its products to South America, South Africa, far-east Asian countries and Australia in a few months.
Aggarwal says the firm is working on getting the necessary approvals and hopes to generate Rs 20 crore from exports this year.
The company plans to open two R&D farms each in Hisar and Gujarat. The pesticides manufacturer is already running an in-house R&D unit at Bhatinda, used to educate farmers about how to identify and control insects and diseases.
