Dhanuka Agritech Looking To Set Up JV With Spain-Based Biotech Firm Kimitec
The two companies will also explore setting up a research and development facility in the country, Dhanuka Agritech said.
Agrochemical firm Dhanuka Agritech is exploring options to set up a joint venture with Spain-based Kimitec for the development and commercialization of biological products meant to improve crop health.
Gurugram-based Dhanuka Agritech has signed a 'Letter of Intent' with Kimitec to 'explore various business opportunities, including setting up a joint venture in India for the development and commercialization of biological products using natural molecules and derived from natural sources.'
The two companies will also explore setting up a research and development facility in the country, Dhanuka Agritech said in a statement.
Biological products are derived from natural sources using botany, microbiology, microalgae, and bioinformatics.
These represent a sustainable category of products providing crop protection, soil health, and plant nutrition. These products can be used individually or in combination with conventional chemical products as per the requirements.
"As part of our continuous effort to offer the best products and solutions to the Indian farming community, we have signed a non-binding Letter of Intent with Kimitec to explore various business opportunities, including setting up a joint venture in India and an R&D facility, as well as the commercialization of biological products," said Rahul Dhanuka, Joint Managing Director, Dhanuka Agritech.
The demand for biological products is increasing globally, he said, and expected an uptrend for these products in India too.
Kimitec is a biotech company and founder of MAAVi Innovation Center, the largest European biotech innovation hub dedicated to natural molecules.
"As part of our mission to change the way food is produced globally, we have identified Dhanuka Agritech Ltd as a perfect partner to bring our natural yet as effective as chemical solutions to farmers in India," said Félix García, CEO of Kimitec.
Kimitec operates in more than 100 countries around the world and collaborates with MNCs to develop and commercialize biological products for business-to-business and business-to-consumer markets.
Dhanuka Group already has tie-ups with seven agrochemical companies from the U.S., Japan, and Europe, to introduce the latest technology and products in India.
Dhanuka is focusing on technology advancement and precision farming. It has invested in agri-drone manufacturer IoTechWorld Avigation and farm-to-fork startup KisanKonnect Safe Food.
Dhanuka Agricteh has four manufacturing units located in Gujarat, Rajasthan, and Jammu and Kashmir.