Mankind Pharma is planning to invest up to Rs 200 crore in the first two to three years in the agri-tech sector. Mankind Agritech Pvt Ltd, a new division of the corporation, will provide Indian farmers with a variety of crop care solutions, including weedicides, insecticides, fungicides, plant growth regulators, and biologicals.
Mankind Pharma announced its entry into the agri-tech sector on Monday, stating that it will invest up to Rs 200 crore in the first two to three years.
Mankind Pharma stated in a statement that it has established a new business, Mankind Agritech Pvt Ltd, that would offer a variety of crop care solutions to Indian farmers, including weedicides, insecticides, fungicides, plant growth regulators, and biologicals.
Mankind Pharma Managing Director and Vice-Chairman Rajeev Juneja said, “We are thrilled to announce our entry in the agritech arena with long-term investment intentions, with an initial (Rs) 150 to (Rs) 200 crore capital infusion in the first two to three years.”
The new vertical will be headed by Indian agrochemical industry veteran Partha Sengupta, who was the national marketing head and part of the senior leadership team at Dhanuka Agritech Ltd, overseeing marketing operations in India, Bangladesh and Nepal, the company said.
The decision behind foraying into this division is to assist Indian farmers by providing new-age technologies and helping farmers for the betterment of the rural sector, it added.
About Mankind Pharma
Mankind Pharma is an Indian pharmaceutical company, based at New Delhi. The company has products in therapeutic areas ranging from antibiotics, to gastrointestinal, cardiovascular, dermal, and erectile dysfunction medications
Mankind Pharma came into existence in 1986 and became a fully-integrated pharma company in 1995. In GCC, Mankind initiated its products in Bahrain. The company became the 7th largest pharmaceutical company in India as per IMS Health and also retained its No. 1 rank in the number of prescriptions as per the PDM Audit. Within a year, Mankind Pharma’s sales reached INR 23,820 million at a growth of 24.83%
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