Coromandel International has acquired an additional 27.75 percent stake in Sabero Organics, Gujarat. With this acquisition, Coromandel International's total stake in Sabero increases to 36.75 percent. The company has purchased additional 93.96 lakh shares, equivalent to 27.5 percent stake, from Sabero.
Earlier in May this year, Coromandel International had expressed its interest in acquiring 42.2 percent stake in Sabero for Rs 250 crore in all cash deals. The acquisition of Sabero Organics will give Coromandel International a company that makes a variety of fungicides, herbicides and insecticides.
Sabero Organics Gujarat has around 250 product registrations in over 50 countries, including Brazil, Europe, Australia and African countries. Coromandel International to expand its overseas market will leverage the large export base of Sabero, which derives 50 percent of the revenues from international markets.
Coromandel International, a part of the $3.8 billion-Murugappa Group, is engaged in manufacturing of fertilizers, specialty nutrients, and crop protection.