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Company News, Oilseeds, World

The completed expansion will give local farmers greater market access and a better user experience including faster and more efficient unloading times

Cargill has completed an expansion and modernisation project at its integrated soybean crush and refined oils facility in Sidney, Ohio. The upgraded facility, which came online in September, will help Cargill better serve farmers and meet the growing demand for soy products across food, feed and renewable fuel markets.

The project nearly doubles the previous crush capacity at the facility, providing greater market opportunities for area farmers and feed customers by creating demand for soybeans and offering greater access to soybean meal and hulls. Additionally, customers will have an improved on-site experience, as they will be able to more quickly and efficiently receive soybeans and load out products.

“We’re proud to make this investment at our Sidney facility. We’ve been in business for 45 years here, and we appreciate the long-standing relationships with local farmers, food and feed customers, and the local community,” said Justin Rismiller, U.S. Crush Soy Commercial Leader for Cargill. “This has been a complex project, as we continued to run the existing plant during construction. Thanks to our dedicated team, we can provide a state-of-the-art facility to better serve our customers and the community for generations to come.”

The Cargill crush facility originally opened in 1978, with the refinery added a decade later. Today it serves as a vital link between soybean farmers in the region and customers both nearby and around the globe. The upgraded facility is among several of Cargill’s efforts to modernise and increase capacity across its North American oilseeds network.

The completed expansion will give local farmers

Company News, Dairy, People

He served as the MD of Lactalis India for over a decade and as the MD of Amul for more than ten years

Parag Milk Foods, a manufacturer and marketer of dairy-FMCG products, has announced the appointment of Rahul Kumar Srivastava as the chief operating officer (COO) of the organisation. He served as the managing director of Lactalis India, a division of the world’s largest dairy conglomerate, for over a decade. Additionally, he held the position of Managing Director at Amul for more than ten years.

“With extensive expertise in managing significant procurement operations and a deep understanding of innovative approaches to enhance yields through close collaboration with farmers, while ensuring sustained quality, Srivastava stands as an industry leader. His presence is poised to be instrumental in Parag Milk Foods’ journey toward a new era of leadership and growth. Having been a pioneering force in establishing and maintaining organised brands within a sector primarily dominated by regional and unorganized entities, he is well-positioned to unlock the vast potential of the organised Indian market demand for Parag Milk Foods,” stated a press release.

In his previous roles, Srivastava’s keen insight and vast knowledge have consistently driven efficiency improvements, fortified brand sustainability, and elevated the consumer experience. 

Devendra Shah, Chairman, of Parag Milk Foods said, “Rahul Kumar’s exceptional expertise and unparalleled proficiency in the Dairy realm align perfectly with Parag Milk Foods’s vision.  His ability to blend traditional strategies with contemporary innovations is exactly what we need in these ever-evolving times. He will help in leading our strategy for profitable growth and also pursue the market opportunities associated with the dairy-FMCG sector and growing global nutrition demand. We are confident that with his leadership, the company will continue to deliver sustainable higher business growth.”

He served as the MD of Lactalis

AgroPolicy, Sustainability, World

The 154-country study makes a case for true cost accounting to guide policy

Our current agrifood systems impose huge hidden costs on our health, the environment and society, equivalent to at least $10 trillion a year, according to a ground-breaking analysis by the Food and Agriculture Organisation of the United Nations (FAO), covering 154 countries. This represents almost 10 per cent of global GDP.

According to the 2023 edition of The State of Food and Agriculture (SOFA), the biggest hidden costs (more than 70 per cent) are driven by unhealthy diets, high in ultra-processed foods, fats and sugars, leading to obesity and non-communicable diseases, and causing labour productivity losses. Such losses are particularly high in high- and upper-middle-income countries.

One-fifth of the total costs are environment-related, from greenhouse gas and nitrogen emissions, land-use change and water use. This is a problem that affects all countries, and the scale is probably underestimated due to data limitations.

Low-income countries are proportionately the hardest hit by hidden costs of agrifood systems, which represent more than a quarter of their GDP, as opposed to less than 12 per cent in middle-income countries and less than 8 per cent in high-income countries. In low-income countries, hidden costs associated with poverty and undernourishment are the most significant.

The report makes the case for more regular and detailed analysis by governments and the private sector of the hidden or ‘true’ costs of agrifood systems via true cost accounting, followed by actions to mitigate these harms.

There have been other attempts at measuring the hidden costs of agrifood systems, producing similar estimates as FAO. The new FAO report, however, is the first to disaggregate these costs down to the national level and ensure they are comparable across cost categories and between countries.

For the first time, FAO will dedicate two consecutive editions of The State of Food and Agriculture to the same theme. This year’s report presents initial estimates, while next year’s will focus on in-depth targeted assessments to identify the best ways to mitigate them. Governments can pull different levers to adjust agrifood systems and drive better outcomes overall. Taxes, subsidies, legislation and regulation are among them.

The report urges governments to use true cost accounting to transform agri-food systems to address the climate crisis, poverty, inequality and food security. It notes that innovations in research and data, as well as investments in data collection and capacity building, will be needed to scale the application of true cost accounting, so it can inform decision-making transparently and consistently.

The 154-country study makes a case for

AgroPolicy, Agrotech, India, IT, R&D

Krishi 24/7 addresses the need for an efficient mechanism to identify and manage agricultural news articles of interest to aid timely decision-making.

Department of Agriculture and Farmers Welfare (DA&FW) in collaboration with Wadhwani Institute for Artificial Intelligence (Wadhwani AI) developed Krishi 24/7, the first-ever AI-powered solution for automated agricultural news monitoring and analysis, with support from Google.org. Krishi 24/7 will aid DA&FW to identify relevant news, generate timely alerts, and take prompt action to protect farmers’ interests and promote sustainable agricultural growth through improved decision-making.

The introduction of Krishi 24/7 addresses the need for an efficient mechanism to identify and manage agricultural news articles of interest to aid timely decision-making. The tool scans news articles in multiple languages and translates them into English. It extracts essential information from news articles, such as headline, crop name, event type, date, location, severity, summary, and source link, ensuring that the ministry receives timely updates on relevant events published on the web.

Launching the initiative, Secretary (A&FW) Manoj Ahuja said that this news monitoring system will not just keep us informed but empower us to shape the narrative. In the spirit of continuous improvement, he further suggested that we remain open to enhancing this system as we move forward. As the world evolves, so should our tools and methods. Let us work together to ensure that this news monitoring system becomes a dynamic force, adaptable to the changing landscape of information, and a valuable asset in our mission to better serve our farmers.

Joint Secretary (Extension), Samuel Praveen Kumar briefly explained about the functions of the solution which is intended to provide a near real time monitoring of the news articles on Agri ecosystem published online which will assist the DA&FW to identify news of interest and provide a comprehensive mechanism to shortlist events, create alerts, and take timely action.

Associate Director (Ag), Wadhwani AI, J P Tripathi said that we want to build AI solutions for existing challenges where news monitoring and validation have been manual and time-consuming. A similar event tracking and analysis solution for disease outbreaks has been successfully deployed by the institute with the National Centre for Disease Control (NCDC). By collaborating with the DA&FW and other central government bodies, we are dedicated to equipping them with effective tools that improve the information flow through enhanced data-driven decisions.

Krishi 24/7 addresses the need for an

AgroPolicy, Foodgrains, Horticulture, India, Organic, Pulses, Supply Chain, Trade, Vegetables

APEDA would promote Indian agri- products across the GCC as the LuLu Group has its presence across the GCC, Egypt, India and the Far East with 247 LuLu stores in operation and 24 shopping malls.

To boost exports of agricultural products to the Gulf Cooperation Countries (GCCs), the Agricultural and Processed Food Products Export Development Authority (APEDA), Ministry of Commerce, Government of India, has signed a Memorandum of Understanding (MoU) with global retail major Lulu Hypermarket LLC. The MoU, which is aimed at promoting Brand India globally was signed in the presence of Chairman, APEDA, Abhishek Dev and Chairman-cum-Managing Director of LuLu Group, Yusuf Ali MA at the World India Food (WIF) 2023 on November 3, 2023, in New Delhi.

With the MoU, APEDA would promote Indian agricultural products, including Millets across the GCC as the LuLu Group International (LLC) has its presence across the GCC, Egypt, India and the Far East with 247 LuLu stores in operation and 24 shopping malls. The LuLu Group is the fastest growing retail chain in the Middle East and Asia.

The MoU will also facilitate promotional activities for APEDA’s scheduled products with the LuLu Hyper market retail chain. As per the MoU document, Lulu Group will actively promote and showcase a wide range of products in APEDA basket of agricultural and processed food products in their retail outlets.

A dedicated shelf space (special sections or aisles) will be allocated within LuLu Group’s stores to display APEDA’s products prominently and to enhance their visibility. APEDA and LuLu Group will engage with consumers through interactive events, sampling/tasting campaigns, season specific campaigns for fruits and vegetables, new product launch and the promotion of products arising from Himalayan/North Eastern States, organic products, etc.

APEDA also facilitated signing of MoUs of Arunachal Pradesh Marketing Board, Sher-e-Kashmir University of Agricultural Sciences & Technology, Jammu and Meghalaya Agricultural Marketing Board with Lulu group aimed at boosting exports potential from Himalayan and North Eastern states.

The promotional activities will enable maximum dissemination of information and awareness about the benefits of ethnic, unique, and GI- tagged agri-products to the consumers in the destination country. Further feedback from consumers will be actively sought to improve product offerings. The MoU also stated that APEDA and LuLu Group would jointly work to explore opportunities to facilitate the export of agri products through its international network of stores, thereby expanding the global reach of Indian agricultural products and accessibility to consumers.

Both APEDA and LuLu Group would jointly facilitate export-oriented promotional programmes such as Buyer-Seller meets (BSM), R-BSMs/B2B meetings, trade fairs/road shows in association with the Indian Missions abroad and concerned stakeholders.

LuLu Group will provide its assistance in the labelling of products according to the requirements of different importing countries, the MoU paper said, adding that both the parties would mutually decide the commercial matters and applicable terms.

APEDA would promote Indian agri- products across

Company News, India, People, Supply Chain

In his new role, Rajesh will lead initiatives aimed at driving scale and impact at Ayekart.

Ayekart, India’s first integrated supply chain platform that addresses the needs of the food and agri value chain, is proud to announce the appointment of Rajesh Jain as the company’s new President for Partnerships and Programs. With over three decades of expertise in developing and implementing large-scale projects across various sectors, Rajesh’s vast experience, strategic insights, and commitment to technological advancements will be pivotal in furthering Ayekart’s mission to revolutionize the agri-tech industry.

In his new role, Rajesh will lead initiatives aimed at driving scale and impact at Ayekart. He will enhance the scope and engagement with both new and existing partners, develop and implement impactful programs to achieve shared goals and establish effective communication channels to nurture productive and mutually beneficial relationships. Additionally, he will oversee all activities aimed at strengthening these connections in alignment with Ayekart’s overarching objectives and strategic goals. This will ultimately lead to a more inclusive digital empowerment journey for the rural community within Ayekart’s purview. Ayekart is currently experiencing improved inclusion of the rural community in its digital empowerment efforts.

Rajesh earned his M.Sc. in Applied Geology from IIT, Roorkee (1986-1988) and specialized training in Financing Agricultural Value Chains at KIIT-University, Bhubaneswar, in collaboration with FAO (Italy) in 2012-2013.He has over 30 years of diverse professional experience spanning not-for-profits, consulting firms, corporate foundations, institutes, and government roles. During his extensive career, he spent 15 years in government, gaining profound insights into social issues at both macro and micro levels in urban and rural communities. His expertise in leveraging Artificial Intelligence for Social Good offers a global perspective on technology’s potential for creating rapid, large-scale impacts and promoting development, further enhanced by his holistic 360-degree view of development models during his tenure at Swades Foundation. He also led the FPO movement in Rajasthan at ACCESS Development Services and was the state coordinator for SFAC.

Debarshi Dutta, Co-founder and CEO of Ayekart remarked, “We are pleased to welcome Rajesh to the Ayekart family. His extensive experience and industry insights will be a valuable asset as we persist in transforming the food and agriculture value chain. Rajesh’s deep understanding of technology’s transformative potential and his unwavering commitment to social impact align seamlessly with Ayekart’s vision of empowering businesses and enriching communities.”

Expressing his commitment to his new position, Rajesh Jain said, “I am truly excited to join Ayekart and be a part of this dynamic team. Ayekart’s commitment to innovation and positive social impact aligns with my passion for harnessing technology to create meaningful change. I look forward to contributing to Ayekart’s journey in revolutionizing the food and agriculture value chain.”

In his new role, Rajesh will lead

Agro chems – Pesticides, Agrotech, Company News, R&D, Sustainability, World

Both the companies have signed a Joint Development Agreement to create an RNAi-based, environmentally friendly biopesticide for an important agricultural pest.

Renaissance BioScience, a leader in bioengineering microbes for the global agriculture and food industries, is pleased to announce that it has signed a joint development agreement (JDA) with Certis Belchim, a global leader in the development of crop-protecting biocontrol agents that combat agricultural pests. Under the JDA, the two industry leaders will collaboratively harness Renaissance’s innovative yeast-based RNA interference (RNAi) platform technology to develop and commercialize an environmentally friendly biopesticide against an, as yet, unspecified target pest. This revolutionary technology holds immense promise for addressing agricultural challenges through its targeted approach. This partnership speaks to the companies’ shared commitment to advancing eco-friendly alternatives in pest management.

Dr John Husnik, Renaissance’s CSO and Office of the CEO, commented on the JDA: “Certis Belchim is a world leader in crop protection and biocontrol innovation and technologies, and we are delighted to be working with them to develop an effective and environmentally safe yeast-based RNAi biopesticide.”

Jan Mostert, Head of Biorational Projects of Certis Belchim, commented: “Certis Belchim have committed and pursued innovative solutions for sustainable agriculture.  The Renaissance RNA interference technology is highly innovative and will deliver products which come close to the idea of an ideal plant protection product in being very specific and very effective at the same time while also reconciling the often-contradicting goals of crop protection and protecting the environment and biodiversity.  We believe this project could potentially contribute to reinforce our biorational platform, that is one of the strategic pillars for Certis Belchim. We are enthusiastic about working closely with Renaissance, a highly skilled and agile company, on this exciting biorational technology initiative.”

Both the companies have signed a Joint

Biofuel industry, Company News, Finance, India

Company records Rs. 623.679 million PAT in Q2FY 24 compared to Rs. 657.778 million PAT in Q2 FY23.

Pune based Praj Industries (Praj), announced its unaudited financial results for the quarter ended Sept 30, 2023. Praj, India’s most accomplished industrial biotechnology company is driven by innovation, integration and delivery capabilities. Over the past four decades, Praj has focused on the environment, energy, and agri-process industry, with 1000++ customer references spanning 100+ countries across all 5 continents.

Performance Review for Q2 FY24 – Consolidated:

• Income from operations stood at Rs. 8,823.685 million (Q1 FY24: Rs. 7,367.227 million; Q2 FY23: Rs. 8,806.172 million)

• PBT is at Rs. 848.121 million for the period (Q1 FY24: Rs. 777.033 million; Q2 FY23: Rs. 657.778 million)

• PAT is at Rs. 623.679 million (Q1 FY24: Rs. 586.726 million; Q2 FY23: 481.286 million)

• Order intake during the quarter Rs. 10,630 million (Q1 FY24: 11,010 million; Q2 FY23: Rs. 9,810 million)

Performance Review for H1 FY24 – Consolidated:

• Income from operations stood at Rs. 16,190.912 million (H1 FY23: Rs. 16,125.886 million)

• PBT is at Rs. 1,625.154 million for the period (H1 FY23: Rs. 1200.119 million)

• PAT is at Rs. 1,210.405 million (H1 FY23: Rs. 893.918 million)

• Order intake Rs.21,640 million (H1 FY23: Rs. 20,750 million)

Commenting on the Company’s performance, Shishir Joshipura, CEO & MD, Praj Industries said, “The quarter witnessed development of business activity on similar lines as first quarter. Domestic markets witnessed a brief period of reduced activity as the grain policy changes unfolded before returning to normalcy. The launch of Global Biofuels Alliance is expected to provide a new platform for opportunities across domestic and international markets in medium to long term”.

Company records Rs. 623.679 million PAT in

AgroPolicy, India, Supply Chain, Vegetables

Department of Consumer Affairs procures 5.06 LMT onion for disposal through e-sales, e-Nam auction and bulk sale.

The Government has initiated aggressive retail sale of onion from the buffer at subsidised price of Rs 25 per kg to protect the consumers from recent increase in onion prices due to delay in the arrival of kharif crop. This comes as another measure in addition to the slew of measures put in place to ensure availability and affordability of onion to domestic consumers such as, imposition of Minimum Export Price (MEP) of USD 800 per MT with effect from 29th October, 2023, enhancement of buffer procurement by 2 lakh tons, over above 5.06 lakh tons already procured, and the continuous disposal of onion through retail sales, e-Nam auction and bulk sales in wholesale markets from second week of August.

The Department of Consumer Affairs has started aggressive disposal of onion through retail outlets and mobile vans operated by NCCF, NAFED, Kendriya Bhandar and other State controlled cooperatives at subsidised price of Rs 25 per kg. Till 2nd November, NAFED has set up 329 retail points, consisting of stationary outlets and mobile vans, in 55 cities across 21 states. Similarly, NCCF has set up 457 retail points in 54 cities across 20 states. Kendriya Bhandar too, has started retail supply of onion through its retail outlets across Delhi-NCR from 3rd November, 2023 and Safal Mother Dairy will start from this weekend. The retail sale of onion to consumers in Telangana and other southern states are being taken up by Hyderabad Agricultural Cooperatives Association (HACA).

In order to control the seasonal price volatility between rabi and kharif crops the Government maintains onion buffer by procuring rabi onion for subsequent calibrated and targeted release. This year, the buffer size has been raised to 7 LMT from 2.5 LMT in 2022-23. Till date 5.06 LMT of onion has been procured and the procurement of balance 2 LMT is in progress.

The proactive measures taken by the Government has started showing result as onion prices in benchmark Lasalgaon market declined from Rs.4,800/qtl on 28.102023 to Rs.3,650/qtl on 03.11.2023, a decline of 24 per cent. Retail prices are expected to show similar decline from the coming week.

Department of Consumer Affairs procures 5.06 LMT

AgroPolicy, India

16 Memoranda of Understanding (MoUs) signed between Ministry of Food Processing Industries (MoFPI) and various industry entities on the first day amounting to total investment of around Rs 17,990 crores.

The inauguration of the second edition of the ‘World Food India 2023’ mega food event took place at Bharat Mandapam, Pragati Maidan, in New Delhi, with Prime Minister Narendra Modi presiding over the event. During the inauguration, the Prime Minister provided Seed Capital Assistance to over one lakh Self Help Group (SHG) members, reinforcing the support for these groups. Prime Minister Modi also toured the exhibition displayed on the occasion. The primary objective of the event is to present India as the ‘food basket of the world’ and commemorate 2023 as the International Year of Millets.

On the first day of World Food India 2023, a total of 16 Memoranda of Understanding (MoUs) were signed between the Ministry of Food Processing Industries (MoFPI) and various industry entities. These agreements amounted to a total investment of around Rs 17,990 crore. Notable companies participating in these MoUs included Mondelez, Kellog, ITC, Innobev, Nedspice, Ananda, General Mills, and Ab Inbev, among others.

The Ministry of Food Processing Industries, Government of India, organised a Roundtable discussion on the inaugural day of World Food India 2023. The event was co-chaired by Union Minister Pashupati Kumar Paras, Ministry of Food Processing Industries and Union Minister Piyush Goyal, the Ministry of Commerce and Industry, Consumer Affairs, Food and Public Distribution, and Textiles. The Roundtable brought together senior government officials and CEOs from over 70 leading companies operating in the food processing and allied sectors.

The Prime Minister emphasised the significant recognition received by India’s food processing sector, often referred to as the ‘sunrise sector,’ owing to the outcomes of World Food India. He said that in the past nine years, the sector has attracted foreign direct investments exceeding Rs 50,000 crores, thanks to the government’s industry-friendly and farmer-centric policies. Prime Minister also mentioned the progress made under the Production-Linked Incentive (PLI) scheme in the food processing sector, which has greatly aided new entrants. He further highlighted the ongoing projects under the Agri-Infra Fund, focusing on post-harvest infrastructure, with an investment exceeding Rs 50,000 crores. Additionally, investments in processing infrastructure in the fisheries and animal husbandry sector, amounting to thousands of crores, were encouraged.

The Prime Minister highlighted India’s remarkable progress in the food processing sector, crediting the government’s dedicated efforts. He mentioned the creation of the Agri-Export Policy, development of nationwide logistics and infrastructure, establishment of district-level hubs, expansion of Mega Food Parks, and significant increase in India’s food processing capacity. Modi also mentioned unique agricultural products being exported from India, such as black garlic from Himachal Pradesh, dragon fruit from Jammu & Kashmir, soya milk powder from Madhya Pradesh, and others.

16 Memoranda of Understanding (MoUs) signed between

Agrotech, Company News, Finance, India, Packaging & Labelling, Start ups, Supply Chain

 Fibmold’s entry promises to ignite the growth of the moulded fiber packaging industry in India.

Fibmold, a startup focused on sustainable packaging, has raised a $10 million round led by Omnivore and Accel. Fibmold is developing eco-friendly, molded fiber packaging products that mimic the functionality of rigid plastics. These products are manufactured from natural fibers, including bamboo, bagasse, husk, wheat straw, or even wastepaper depending on the end-use, and they are 100 per cent recyclable & naturally compostable.

With only 9 per cent of plastic waste globally being recycled, and the majority mismanaged or left unprocessed, the environmental challenges are substantial. Fibmold’s sustainable packaging solutions will enable various industries to shift away from single-use plastics. China currently dominates the production and export of advanced molded fiber packaging, whereas the market in India is just beginning to take shape. However, Fibmold’s entry promises to ignite the growth of the moulded fiber packaging industry in India.

Founded in October 2022 by Param Gandhi and Vaibhav Garg, Fibmold is the brainchild of two serial entrepreneurs boasting a collective experience of over two decades in the packaging and manufacturing industry. Their partnership dates back to 2012, when they ventured into the food service packaging industry with ValPack. The startup was subsequently acquired by Huhtamaki, a global packaging industry leader.

Param Gandhi said, “The sustainable packaging industry is a $300 billion opportunity. At Fibmold, we aim to assist brands globally in transitioning to eco-friendly packaging alternatives and ultimately eliminate their reliance on single-use plastics.” Vaibhav Garg added, “We truly believe molded fiber is a viable replacement to plastic because of its performance parity, cost competitiveness and speed to market.”

Reihem Roy, Partner at Omnivore, stated, “Fibmold’s unwavering dedication to environmental responsibility, coupled with its founders’ extensive experience and achievements, positions the company as a frontrunner in the sustainable materials industry. This is our second investment from our third fund, and we remain committed to catalyzing climate-smart solutions.”

Prashanth Prakash, Partner at Accel observed, “By harnessing India’s abundance of agricultural by-products in the future, Fibmold presents a tremendous business opportunity. Through advanced technology and scientific innovation, the startup is not only strengthening the Indian economy but also forging India as a global leader in sustainable packaging solutions”.

 Fibmold's entry promises to ignite the growth

Agrotech, Company News, Finance, India, Start ups

 Company plans to use funds to accelerate the operations in non-perishable agri-supply chain along with building the team.

Agri-tech company Bull Agritech has raised $100K (Rs 8 million) in a pre-seed funding round led by startup accelerator PedalStart. Bull Agritech has been part of PedalStart’s current cohort One-to-N which is backed by leading Venture Capital funds from the ecosystem. The company plans to use funds for the growth of the company and accelerate the operations along with building the team, Bull Agritech mentioned.

Co-founded in 2021 by Hit Desai and Divyajeet Chauhan, Bull Agritech connects farmers directly to agri-commodity processors providing end-to-end supply chain solutions, in a highly fragmented non-perishable agri-supply chain market. The way Bull has gained traction amongst the farmers has been the reason behind the buzz in the Agritech space. The startup is based out of a tier 3 region in the North Gujarat region and is working to enable the breadmakers of the nation. The initiative by Bull Agritech is going to be a boon for the agriculture sector of the nation.

Manas Pal and Aditya Darolia, Co-founders at PedalStart commented, “One-to-N has been a cohort that has set a benchmark for us as well. Out of 9 startups which have been selected had raised their first round and here we came up to upscale their journey to level two. Bull Agritech has been the first success, and counting on more coming up.”

With a mission to revolutionise the non-perishable agri-trade market and empower farmers through transparent and efficient market connectivity, Bull Agritech has already facilitated trades worth Rs 25 Crores and onboarded 15000 farmers digitally, illustrating their rapid growth and impact in just 18 months. Co-founders Hit Desai and Divyajeet Chauhan’s vision, rooted in the principles of transparency and trust-building, resonates deeply with the agricultural community, promising a brighter future for India’s agricultural landscape.

Hit Desai, Co-founder at Bull Agritech said, “We see a huge opportunity in the non-perishable agri-trade market as the farmers have been left with a 100-year-old monopoly that is APMC which lacks market connectivity, transparency, and efficiency. It is a known fact that the intermediaries use this monopoly to manipulate the market which results in farmers’ loss. There has been no brand in the output linkage space which is widely trusted by farmers at scale when it comes to selling their crop”.

Adding to that, Aditya Darolia mentions the journey with the Bull’s team. He said, “After interacting with APMC players we realised how traditional players are misusing their monopsony and farmers not getting clarity about the prices they get for the quality of stock. We saw the potential in the business and the way the founders have been executing was impressive when we visited their centres in North Gujarat”.

Bull Agritech’s recent success in securing $100K (Rs 8 million) pre-seed funding led by PedalStart speaks volumes about the company’s strong potential and the agricultural sector’s growing interest in disruptive technologies. With PedalStart’s unwavering support and expertise, Bull Agritech is well-positioned to become a driving force in the long-awaited green market revolution, ushering in a new era of equitable and sustainable agricultural practices for the nation.

 Company plans to use funds to accelerate

Agro chems – Chemicals, Agro chems – Pesticides, Agrotech, Company News, India

An advanced pest control product for the Chilli crops during the flowering stage is developed   in association with Nissan Chemical Corporation.

Godrej Agrovet Limited (GAVL), one of India’s largest diversified agri-businesses, announced the launch of an advanced pest control product Rashinban in India. With the patent chemistry discovered and developed by Japan’s Nissan Chemical Corporation, Rashinban is being launched first time globally in India through collaboration with GAVL to protect the Chilli crops during the flowering stage.

India, a global Chilli capital, accounts for almost 36 per cent of total production globally. However, 80 percent of Chilli crops get damaged at the nascent stage because of pests (Thrips, Leps, Hoppers and Mites) that continue to create havoc for the farmers. GAVL, through the launch of Rashinban, which provides quick knockdown of wide range of pests in Chilli in a single shot during the flowering stage, endeavors to help farmers fight the pests effectively. This will help increase yields by virtue of pest free cropping.

Balram Singh Yadav, Managing Director, GAVL, commented, “Through our partnership with Nissan Chemical Corporation, our endeavour is to introduce solutions that uplift and prosper Indian farming families. Our new product Rashinban is recommended specifically for the active flowering stage of Chilli plants to provide holistic efficacy. Along with the already existing products, Hanabi and Gracia, the addition of Rashinban in the portfolio will enable us to serve the entire value chain of Chilli crop.  We are certain that the launch of Rashinban will help aid India’s contribution to global Chilli market scale greater heights.”

Dr. Rajkumar Yadav, Managing Director of Nissan Chemical Corporation (India), expressed his views about the partnership with GAVL, stating, “We are delighted to collaborate with GAVL for the global-first launch of Rashinban and contribute to company’s endeavour to uplifting Indian farming families. Rashinban is another result of our efforts to support the growth and sustainability of Indian agriculture. We are confident that like our previous products, Rashinban too will be widely adopted by the farming community.”

Burjis Godrej, Executive Director and COO, Crop Protection Business, GAVL said, “At GAVL, our mission is to bring forth innovative solutions tailored to the Indian market. Chilli farmers today need to ensure that their crop receives right quantity of nutrient at the right time across the crop’s growth cycle and free from abiotic stress to ensure a high-quality yield. And it is herein that we continue to launch innovative solutions and educate farmers on the importance of leveraging our wide range of products for pest control and subsequent integration of appropriate measures.”

Highlighting Rashinban’s efficacy controlling different pests, Rajavelu NK, CEO, Crop Protection Business, GAVL, said, “Following launch of Gracia in 2022, our ‘Start with Gracia’ focus enabled farmers to proactively protect their seedlings. However, during our field visits and discussions with the farmers, it was brought to our notice that crops continued to get wiped out due to invasive pests. To address the same, we decided to launch Rashinban. Effective on the broader spectrum of pests, both sucking as well as chewing type, it eliminates the need for multiple insecticides and reduces the frequency of sprays.”

An advanced pest control product for the

Agro chems – Chemicals, Company News, Finance, India

In the first \of FY24, IIL recorded Rs 13,359 Mn in revenue, a significant 17 per cent growth compared to Rs 11,429 Mn in H1FY23.

Insecticides (India) Ltd. (IIL), a leading manufacturer of crop protection and nutrition products in India, declared its financial results for the second quarter of fiscal year 2024. With a diverse portfolio comprising over 21 technical products, 105 formulation products, IIL continues to be at the forefront of the crop care industry.

During the current quarter, the company achieved a remarkable revenue growth of 20 per cent, with total revenue reaching Rs 6,959 Mn in Q2FY24, compared to Rs 5,822 Mn in the same period last year. In the first half of FY24, IIL recorded Rs 13,359 Mn in revenue, a significant 17 per cent growth compared to Rs 11,429 Mn in H1FY23. This impressive growth is predominantly driven by value-added products.

IIL’s strategic focus on enhancing the mix of value-added products, including Maharatna and Focus Maharatna has been instrumental in this growth. New products like Hachiman, Torry, and Shinwa over the past two years have contributed to the upward trajectory. In the last quarter, IIL introduced four new products to the market, including Supremo SP (an insecticide for paddy fields and vegetable crops), Nakshatra (an herbicide for sugarcane), Green Expert (a patented combination herbicide for paddy), and Bouncer (a non-selective herbicide).

Commenting on the performance, Rajesh Aggarwal, Managing Director of Insecticides (India) Limited, stated, “We continue to witness growth across our product portfolio, driven by R&D and backward integration initiatives. Favourable monsoon conditions in most parts of the country has reinforced demand for our products. Our focused marketing efforts and brand building activities have yielded positive results.”

IIL has made significant strides in digital engagement with farmers, enhancing channel engagement and providing crop advisors with accurate data. Additionally, The Patent Office, Government of India, has granted patent to IIL entitled “Novel Amide Compound, Method for Producing the Same, and Miticide.”

The company has further announced an Interim Dividend of Rs 3 per share (30 per cent of the face value of Rs 10/-), with a record date for the dividend set for November 10, 2023.

In the first \of FY24, IIL recorded