Everstone Capital invests Rs150 crore in Crystal Crop Protection

In its first investment in the agro-chemical sector, Everstone Capital yesterday invested Rs150 crore in plant nutrient manufacturer Crystal Crop Protection Private Ltd.

Founded in 2006 by Atul Kapur and Sameer Sain, Everstone Capital, which manages over $1.5 billion in capital, has acquired a minority stake for its investment in Crystal Crop.

Delhi-headquartered Crystal Crop makes insecticides, herbicides, plant growth regulators and micronutrients, and is touted to be one of India's fastest-growing agro-chemical companies.

Employing 600 people, Crystal has manufacturing facilities in Jammu and Haryana and has a roster of 100 products and a network of over 4,000 distributors and retailers across the country.

"The funds raised will be used by Crystal to further consolidate its position in the Indian market, strengthen presence in international markets, enhance existing product portfolio and explore inorganic growth opportunities in India and abroad," said Ankur Aggarwal, managing director of Crystal Crop.

''With increased industrialisation and urbanisation, productivity improvements are a necessity to meet India's food requirements. Crystal is well positioned to take advantage of this requirement and has an attractive business model," said Dhanpal Jhaveri, CEO of Everstone Capital.

This investment by a PE firm in the agro-chemical sector, comes after Sequoia Capital acquired a 1.82-per cent stake in StanChart PE-backed PI Industries, in August this year.

Everstone Capital, which recently closed a $580-million PE fund for the Indian market, has invested in companies, including Sula Wines, VLCC, Regen, Blue Foods, Faces Cosmetics and Asian Genco.