Agrochemical firm Best Agrolife on Thursday said its board has approved capital expenditure (capex) plan of Rs 200 crore towards brownfield expansion and brand building.
The company plans to utilise Rs 150 crore towards brownfield expansion in the technical manufacturing unit of Best Crop Science, its wholly-owned subsidiary, Best Agrolife said in a statement. The remaining Rs 50 crore is expected to be invested in brand building and market footprints expansion, it added.
Delhi-based Best Agrolife is engaged in the trading of agrochemical products such as insecticides, pesticides, herbicides, fungicides and plant nutrients. The company’s crop protection chemical products are sold through distributors and co-marketing alliances with leading Indian companies throughout the country. The company’s consolidated net profit increased by 98 per cent to Rs 30.62 crore in the quarter ended December 2022 as against Rs 15.48 crore in the year-ago period. Sales revenue rose 40.97 per cent to Rs 327.75 crore in the third quarter of the current fiscal.
