Mahindra Agri Solutions Ltd. (MASL) has entered into a joint venture agreement with Sumitomo Corporation Group, Japan, which is a global player in multiple industries including crop care with access to latest crop protection technologies. The joint venture will witness Mahindra and Sumitomo Corporation holding 60% and 40% equity respectively in the new company named Mahindra Summit Agriscience Limited, with expectations of leapfrogging MASL’s crop care business into the next orbit of growth.
Ashok Sharma, MD & CEO, Mahindra Agri Solutions Ltd., said the partnership would offer a pipeline of specialty, new generation products with unique and latest molecules to effectively manage pest and insect-related challenges faced by farmers. Sumitomo Corporation is offering latest world class technology which would help to significantly reduce crop damage and this association would be a win-win for both companies by bringing Mahindra’s presence across the Agri value-chain and Sumitomo’s global expertise, on the same platform, he said, adding that providing world class crop care solutions will further the cause of augmenting farmer prosperity, thereby enabling them to Rise.
MASL would be the first Indian company to have a JV partner that has deep relationships with large Japanese R&D houses, Sharma said, adding that this will definitely open up access to latest Japanese technologies and products for the Indian farmers.
Tomoaki Tetsu, GM, AgriScience Department, Sumitomo Corporation said, “We expect the new company, Mahindra Summit Agriscience Limited, to leverage Mahindra’s deep penetration in the Indian market and also enable us to collaborate with other Mahindra Group companies. Seeing the growth momentum of the Indian market, we are confident that this JV will enable Indian farmers to accelerate access to innovative solutions in terms of technology & products which would result in the increase of farmers’ income.”
The joint venture is expected to benefit from the expertise of both companies – Mahindra’s strong rural presence and Sumitomo’s unique know-how and Japanese technology. Mahindra will contribute through its strong farmer connect, wide-spread domestic distribution and agriculture expertise, while Sumitomo Corporation’s strong ties with large Japanese crop protection innovator companies will result in the JV having access to latest global technology for minimising crop damage and increasing the yield.
