Safex Chemicals India Ltd on Wednesday declared the achievement of Mumbai-based chemical maker Shogun Organics for a hidden amount.
The acquisition would offer Safex a platform to backward integrate the agrochemical technical sector and enter the home care and agrochemical technical manufacturing segment, the company
stated through a statement.
In the meanwhile, the promoters of Safex -- SK Chaudhary, Neeraj Jindal,Rajesh Jindal and Piyush Jindal -- would join the board of Shogun Organics, it added.
Stating on the deal, Safex Chemicals Director Piyush Jindal said, "We intend to leverage Shogun's existing infrastructure to backward integrate into the agrochemical technicals segment and expand into the agrochemical exports market".
Home care technicals is an appealing market and Shogun has constantly maintained more than 50 per cent market share in the sector. "We believe there are strong synergies between the two companies..," he added.
Safex Chemicals, founded in 1991, is into manufacture and sale of crop protection products across India.