Dhanuka Agritech Ltd is foraying into the global markets by acquiring the international rights for marketing and distribution of two fungicides Iprovalicarb and Triadineol from Bayer AG in a ₹165 crore deal.
This acquisition grants Dhanuka access to markets in over 20 countries spanning from Latin America, Europe, the Middle East, Africa and Asia, the company said in a statement. Bayer had invented these products.
With this acquisition, Dhanuka Agritech strengthens its position as a rising player in the agri-input industry by combining trusted brands with its robust manufacturing and distribution capabilities.
“This acquisition is a turning point for Dhanuka as we enter the international markets with Bayer AG’s trusted brands. Our focus is on creating cost-effective crop solutions that resonate with farmers worldwide. In 2023 the revenue from these products was ₹220 crore. We are targeting an EBITDA margin of 12-15 per cent post-integration from these products. While in FY26 the revenue generation would start in India by Q1 and is expected to expand internationally, with full control of operations by Q4,” said Harsh Dhanuka, Executive Director, Dhanuka Agritech Ltd.
Horticultural crops
Iprovalicarb is a specialised fungicide designed to combat Oomycetes diseases in horticultural crops and is available under brands such as Melody Duo, Melody Compact, and Melodika.
Triadimenol is recognised as an effective seed treatment fungicide and is widely used across cereals, cotton, and coffee. Belonging to the DMI Triazole fungicide family, it is classified under the SBI Class 1 category, reflecting its high efficacy and reliability for agricultural applications.
Dhanuka said it will leverage this acquisition to tap into the pre-established customer base across multiple regions. To enhance cost efficiencies and scalability, Dhanuka plans to transition its manufacturing operations for Iprovalicarb to its Dahej facility within the next 2-3 years.
Dhanuka has also shared further market insights on the two acquired ingredients that the existing market share of Iprovalicarb is 50 per cent with very limited generic competition, hence, giving them a competitive advantage. While Triadinenol has a strong foothold in the Brazilian markets with market share between 20 and 25 per cent. Brazil being a high-barrier market, proves to be critical for sustained growth, the company said.
