Mahindra Agri Solutions Ltd. (MASL), a subsidiary of Mahindra & Mahindra, Group, on Friday entered into a joint venture (JV) agreement with Sumitomo Corporation Group, Japan for crop care.
Sumitomo has access to the latest crop protection technologies. The JV will have Mahindra and Sumitomo Corporation holding 60 per cent and 40 per cent 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 the next orbit of growth.
Speaking at the signing of the JV, Ashok Sharma, MD & CEO, Mahindra Agri Solutions Ltd., said, Sumitomo Corporation, a leading global player, to offer the latest world class technology which would help to significantly reduce crop damage. This association will be a win-win for both the companies as it will bring Mahindra's presence across the Agri value-chain and Sumitomo's global expertise, on the same platform. Speaking on the JV, Tomoaki Tetsu, GM, AgriScience Department, Sumitomo Corporation said, Mahindra Group that has a strong presence in the market.
"We expect the new company, Mahindra Summit Agriscience Limited to leverage Mahindra's deep penetration in the Indian market and also enable us to collaborate with other Mahindra Group companies. Seeing the growth momentum of the Indian market, we are confident that this JV will enable Indian farmers to accelerate access toinnovative solutions in terms of technology & products which would result in the increase of farmers' income", he said.
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