Agro-chemical manufacturing company Insecticides India Ltd (IIL) has announced its entry into a joint venture with Japan-based Otsuka AgriTechno. The JV is aimed to set up an R&D centre in Rajasthan.
“The joint venture is estimated to be set up on an initial capex of Rs 40-50 crore,” as per the statement issued by IIL.
In the venture, the Japanese firm would provide the technology and research know-how and the venture would mainly focus on new agro-chemicals.
As per plans, the centre would come up on 4,000 sq mts area.
“IIL will have the exclusive right to develop, productise and commercialise the new products across the world in their specified territories,” it said.
IIL Managing Director Rajesh Aggarwal said, “The new centre will have brains from both India and Japan. A team of scientists will work at the centre to invent about 4-5 molecules in next 5 years. These products will include all categories of agro chemicals such as insecticides, weedicides and fungicides.”
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