By IANS
Ahmedabad : Gujarat-based Meghmani Organics Limited, a pigments and pesticides manufacturer, has spread its wings with Brazil and Pakistan as its new markets.
The company, which is also listed on the Singapore stock exchange, has secured registrations for its pesticides in the two fast-growing markets, the company announced Thursday.
The total size of the pesticides market in Brazil is currently worth about $3.3 billion, while that of Pakistan is worth $250 million.
In Brazil, the second largest market for pesticides after the US, Meghmani has obtained registration for Acephate, a newer generation pesticide that is most suitable for multiple crops like cotton, tobacco, corn and grapes.
Meghmani managing director Ashish Soparkar said: “Brazil is a big breakthrough for us because this market which is already big will grow even faster due to its increased focus on bio-fuels.
“We believe that this latest registration is just the first step towards gaining brand recognition for our product and the company.”
Meghmani has already contracted for its first order of Acephate to be delivered between July and October. The order accounts for about 30 percent of the Brazilian market for Acephate, Soparkar noted.
In Pakistan the company has received registration for two of its synthetic Pyrethroid molecules.
“There is a lot of similarity between Pakistan and Indian agro markets as crop patterns and weather are quite similar. So we are confident we will be able to capture market share in Pakistan in a short period,” Soparkar noted.
He added that the registration process was on for many other products in Pakistan.
Insecticides account for over 80 percent of the total crop protection market, with herbicides at 16.5 percent and fungicides at 3.5 percent.