13 October 2018 Current Affairs:
Mahindra Agri Solutions Ltd. (MASL), a subsidiary of Mahindra & Mahindra, has entered into a joint venture (JV) with Japan’s Sumitomo Corporation Group. The JV is to make pesticides in India to boost farm produce in the country.
Sumitomo is into crop care and has access to the latest crop protection technologies. Mahindra will hold 60% stake in the new company named Mahindra Summit Agriscience Limited and the balance will be with Sumitomo Corporation. MASL is projecting a crop protection business revenue of $100 million in 5-7 years.
Mahindra will contribute through its farmer connect, widespread distribution and agriculture expertise, while Sumitomo Corporation has strong ties with large Japanese crop protection innovator companies.