Safex Chemicals to invest Rs 100 cr in its agritech arm over the next 3-4 years
- ByStartupStory | January 3, 2023
Safex Chemicals Ltd said on Tuesday that it plans to invest Rs 100 crore in its new agri-tech arm, AgCare Technologies, over the next 3-4 years to launch an interactive tech platform and set up a manufacturing unit.
Speaking to PTI, the company’s Group Director Piyush Jindal said, “We are investing Rs 100 crore from our own kitty. We are not raising any funds. The investment is planned for the next 3-4 years.”
“A pilot study of this interactive tech platform will be conducted in January-March. We plan to go live in the next fiscal year,” Jindal said, adding that the platform will be expanded in a phased manner.
As per reports, Jindal said, the plan is to launch an interactive technology platform to integrate the entire agri-economy value chain. On this platform, key stakeholders, particularly farmers, can buy quality crop protection products and receive services such as weather updates, expert assistance, and mandi rates.
With the recent acquisition of UK-based Briar Chemicals, the company’s revenue is expected to rise to Rs 1,220-1,250 crore by the end of the fiscal year 2022-23. Safex Chemicals has six manufacturing plants in India and one in the United Kingdom.
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