Japan's Mitsui, Nippon Soda acquire 56% stake in Bharat Insecticides
Japanese companies Mitsui and Nippon Soda have acquired 56 per cent stake in agro-chemical firm Bharat Insecticides Ltd (BIL).
As a result of this deal, BIL has become a group company of Mitsui & Co Ltd and Nippon Soda Co Ltd (Nisso), the Delhi-based company said on Wednesday, without disclosing the deal value.
"Mitsui and Nisso have acquired 56 per cent stake in BIL through a special purpose company co-founded by Nisso and Mitsui. The BIL's promoters will continue to hold balance shares in BIL," the company said in a statement.
The new relationship with Mitsui and Nisso will further strengthen BIL's ability to deliver innovative crop protection products and support sustainable growth of India's agriculture sector, it added.
BIL's founder promoter Sat Narain Gupta 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 part of Mitsui group will take BIL to the next level."
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