Mahindra & Mahindra said that it subsidiary, Mahindra Agri Solutions Ltd. (MASL) on Friday entered into a joint venture agreement with Sumitomo Corporation Group, Japan, a globalplayer in multiple industries including crop care, having access to the latest crop protection technologies. The joint venture will have Mahindra and Sumitomo Corporation holding 60 pc and 40 pc equity respectively in the new company named Mahindra Summit Agriscience Limited, subject to the parties receiving all applicable approvals. The combined strength of both the shareholders will leapfrog MASL's crop care business into thenext orbit of growth, a release said.
The partnership will offer a pipeline of specialty, new generation products with unique and latest molecules to effectively manage pest and insect related challenges faced by farmers.
The joint venture will benefit from the expertise of both the companies - Mahindra's strong rural presence and Sumitomo's unique know-how and Japanese technology.
Mahindra will contribute through its strong farmer connect, wide spread domestic distribution and agriculture expertise, while Sumitomo Corporation has strong ties with large Japanese crop protection innovator companies which will result in the JV having access to latest global technology for minimising crop damage and increasing the yield.
MASL would be the first Indian company to have a JV partner that has deep relationships with large Japanese R&D houses. This will definitely open up access to latest Japanese technologies and products for the Indian farmers.
UNI JS NV JA 1435
-- (UNI) -- C-1-DL0171-1548821.Xml