Bayer Crop divests environmental science biz for Rs 111.1 crore

29 Sep 2022 , 10:18 AM

The companys Environmental Science Business offers solutions to control pests, diseases and weeds in non-agricultural areas such as vector control and professional pest management. Bayer had recorded sales of Rs 68.3 crore for Environmental Science Business which is 1.4% of the revenue from operations of the company for the financial year ended 31 March 2022. The business transfer agreement (BTA) for sale of ES Business by the company to 2022 ES Discovery India is expected to be executed on the closing date i.e., 4 October 2022. Offering the rationale for the said divestment, Bayer said: ?With the divestment of the global environmental science professional business, crop science division will be able to focus on its core agricultural business, accelerate implementation of its growth strategy while allowing the environmental science business to obtain the growth resources it needs under new ownership.? Bayer CropScience is engaged in the manufacturing of crop protection products like herbicides, insecticides, fungicides and seed treatment, non-agricultural pest-control, seeds and plant biotechnology. The companys net profit rose 19.3% to Rs 302.60 crore on 17.8% rise in net sales to Rs 1667.40 crore in Q1 June 2022 over Q1 June 2021. The scrip rose 0.26% to currently trade at Rs 4824.05 on the BSE. Powered by Capital Market – Live News