P I Industries Ltd

PI Industries Limited was founded and incorporated by the name 'Mewar Oil & General Mills Limited' on 31st December, 1946. The name of the Company was subsequently changed to PI Industries Limited in 2000. PI Industries is an agri-sciences company with strong presence in both domestic and export market. The Company has 3 manufacturing facilities in Gujarat and a Research & Development centre at Udaipur. The manufacturing facilities include 5 multi-purpose plants at Panoli and, 3 multi-purpose plants at Jambusar and dedicated high-pressure reaction facilities equipped with futuristic is automation. In addition, the Company's two formulation units at Panoli help it meet requirements of local as well as global clientele. During the period 1947-1980, the Company established marketing network across India, installed Agchem technical plant, diversified into mining and mineral processing business (later hived off into a separate company named as Wolkem India Ltd) and started AgChem Formulation and Marketing under VEGFRU brand. It made first export of Agchem formulation during the period under review. During the period 1999-2000, the company diversified into Polymer Compounding, Custom Synthesis & Manufacturing and Energy Metering (later rechristened as Secure Meters Ltd). During the period under review, the company set up a manufacturing site at Panoli (Gujarat) and installed Phorate technical Plant. It also set up a turnkey Agchem Manufacturing Unit in the Middle East. During the period 2000-2005, PI Industries divested polymer business. During the period under review, the company carried out expansion of its R&D Centre at Udaipur and started formulation plant at Jammu. During the period 2005-2012, PI Industries commissioned a new manufacturing site at Jambusar, Gujarat. During the period under review, the company divested Polymer Compounding business. During the period under review, the company completed expansion of Custom Synthesis & Manufacturing (CSM) facilities (built two new MPPs in Panoli). On 5 November 2009, PI Industries Limited announced investment of Rs 50 crore into the company from Standard Chartered Private Equity (SCPE). The investment is in the form of convertible preference shares and debentures. PI Industries will use the funds to part-finance the expansion of its existing facilities and setting up of a new manufacturing facility in Gujarat. On 6 January 2011, PI Industries Limited (PI) announced the inauguration of the PI-Sony Research Centre at Udaipur. The Research Centre will focus on development of synthetic organic chemicals for applications in the electronics industry. On 31 January 2013, PI Industries Ltd announced that it has concluded its fund raising exercise through Qualified Institutional Placement (QIP) process. The company raised Rs 117.33 crore through the QIP route which saw participation by some highly reputed investors in India and across the globe. The issue was priced at Rs 609.60 per share. In 2013-14, PI Industries set up a new formulation site at Panoli in Gujarat. In 2014-2015, PI Industries commercialized three new molecules for custom synthesis exports. It also established an office in Germany in 2014-2015. On 11 December 2015, PI Industries Limited (PI), a leading Indian Agri-Input and Custom Synthesis company, announced that its promoters have divested their holding to the extent of 6.4%. Their holding will stand at 51.7%, ex-transaction. The stake was acquired by a combination of high-quality domestic and foreign investors, reaffirming their faith in the company's long-term prospects. In 2015-2016, PI Industries established a State-of-the-Art R&D center (P. P Singhal Research Centre at Udaipur, Rajasthan). During the period under review, PI Industries commissioned two world class Multi Product Plants at Jambusar in Gujarat. The company also established a new operations office at Vadodara, Gujarat during the period under review. On 30 May 2016, PI Industries Limited (PI) and Mitsui Chemicals Agro, Inc. (MCAG) jointly announced to have entered into an agreement to establish a joint venture company in India. This joint venture company is being set up to provide registration services for MCAG's proprietary agrochemicals and intends to leverage PI's deep understanding of Indian agriculture, farmers needs, regulatory system, etc. and MCAG's capability of delivering innovative agrochemicals. This tie up will further strengthen collaboration between the two companies and help them bring innovative solutions in India to enhance farm productivity. MCAG will hold 51% stake and P I Life Science Research Ltd, a wholly owned subsidiary of PI Industries, will hold 49% stake in the new joint venture company. The joint venture company will be named Solinnos Agro Sciences Pvt. Ltd. In 2017, the Company commissioned new R&D Centre at Udaipur. It commissioned two new MPP at Jambusar. It established Greenhouse testing facility at Udaipur. On 9 May 2017, PI Industries and BASF, one of the world's leading chemical companies and a well-known name in the in the crop protection industry, announced a strategic partnership to offer farmers in India a broader portfolio of crop protection solutions. PI Industries will market BASF's innovative fungicide technologies for rice, maize, fruits and vegetables as well as a new herbicide for maize. Following this partnership model, both companies aim to enhance their market participation in these important crops segments. On 22 June 2017, PI Industries announced an equal joint venture with Kumiai Chemical Industry Co., Ltd. Japan to bring superior innovative solutions in India to enhance farm productivity. The new joint company (JVC) is being set up initially to manufacture and distribute Bispyribac Sodium, one of the flagship agrochemical products of Kumiai, in India to achieve operational efficiencies and further growth. Kumiai and PI, after due consultation, may also add more products to JVC portfolio in future for evaluation, manufacture, registration and distribution in India to leverage PI's deep understanding of Indian agriculture, brand and reach with the Indian farmers and Kumiai's robust research and development capabilities for new products. The JVS will be named PI Kumiai Private Ltd and headquartered at Gurugram, Haryana (India). In 2017-18, PI Industries simultaneously launched 5 new generation products for the first time. As on 31 March 2018, the Company had three Wholly owned Subsidiaries and two Associate Companies. Consequent to the nationwide lockdown announced on 24th March 2020, Company's operations were disrupted at R&D facilities at Udaipur, manufacturing facilities at Gujarat and sales depots across the country. The Company has since been able to resume operations at its various sites from the beginning of April in a gradual manner and management believes that being into an essential commodity, there is no significant impact of COVID-19 pandemic on the current and future business condition of the Company. The Company invested Rs 3,420 million in fixed assets for expansion of manufacturing and Research & Development capacities. The Company completed the acquisition of Isagro (Asia) Agrochemicals Private Ltd ('Isagro Asia') on 27 December 2019 by acquiring 100% stake from Isagro S.p.A. and its affiliates.The total transaction value of acquisition is Rs 4432 million and Isagro Asia has a 30 Acre manufacturing site including production plants for agrochemical technical and formulations adjacent to Company's existing manufacturing unit in Panoli (Gujarat). The Company successfully completed Integration of Isagro brand molecules and the manufacturing facilities with an aim to maximize synergies and capacity utilization. The Company has raised Rs 20,000 million in July 2020 through Qualified Institutional Placement (QIP) of equity shares. The Company has issued 13,605,442 equity shares of face value of Re 1 each at a price of Rs 1,470 per Equity Share, including a premium of Rs 1,469 per Equity Share. During the FY2021,the company has incorporated two whollyowned subsidiaries namely, PI Enzachem Private Limited and PI Fermachem Private Limited. As on 31 March 2021,the Company had 7 Wholly owned Subsidiaries and 2 Joint Ventures with leading Japanese Companies. The Company has entered into two joint ventures (JV) agreements, lhrough its subsidiaries, on 11 October 2021 wilh Polymath holding LLC, for undertaking the business of Manufacturing and selling lhe producls for bio chemislry process and bio chemical enabled pharmaceutical intermediates. During the year 2021-22, Isagro (Asia) Agrochemicals Private Limited (Transferor Company) business other than B2C got merged with PI Industries Limited (Transferee Company) vide Order passed by the Hon'ble NCLT, Jaipur Bench dated December 06, 2021, which was filed with ROC, Jaipur and Mumbai on December 31, 2021 making the merger effective from December 31, 2021. Consequently, lsagro (Asia) Agrochemicals Private Limited stands dissolved. During the year 2021-22, Company launched 3 new products namely Distruptor (Insecticide) Defensa and Wagon (Fungicides). It commercialized 9 new molecules during the year including 2 new Electronic Chemicals marking Company's foray into this niche specialized field offering promising potential in future. It operationalized 'Flow-Chemistry' at Pilot level and also commissioned manufacturing facility for MMH and established Azide chemistry at a commercial scale. During the year 2022-23, the Company launched seven new products, namely Distruptor, Brofreya, Dinoace, Taurus (Insecticide), Tomatough (Biostimulant), Provide (Herbicide) & Sectin (Fungicide). It commercialized 4 new molecules during the year, which included 2 new Electronic Chemicals. The Company's subsidiary, PI Health Sciences Limited incorporated a wholly-owned subsidiary in Netherlands i.e., PI Health Sciences Netherlands B.V on April 07, 2023 and acquired 100% shareholding in two companies i.e., Therachem Research Medilab (India) Private Limited and Solis Pharmachem Private Limited on June 02, 2023. PI Health Sciences Netherlands B.V has incorporated a wholly-owned subsidiary in United States i.e., PI Health Sciences USA LLC on April 24, 2023 and acquired 100% shareholding of Archimica S.p.A. on April 27, 2023. In 2024, Company launched six new products namely Eketsu, Claret, Aminogrow, Kadett, PB Knot, PIILIN. It commercialized 6 new molecules during the year, including Electronic and Performance Chemicals. The launch of Eketsu bolstered PI's presence in the rice herbicide segment, offering a comprehensive solution for weed control. Meanwhile, expanded beyond its initial focus on chilli to encompass other horticultural crops, contributing significantly to the overall growth plan. The Company made significant progress in digitalization across the value chain, building multiple new systems to enhance customer centricity, improving throughput & productivity, improving product quality, enhancing safe operations, enhancing speed and quality of molecule discovery using advanced analytics, improving decision making through advanced analytics and strengthening its information security posture. It also build strong foundation of Digital infrastructure and systems for the new PI Health Sciences Limited' business. Some of the key initiatives have been in the setting up Quantum Mechanics Lab and use of AI & Modelling to aid Research and Discovery, new platform for Product development of the AgChem Brands, implementation of SAP EHS and AI based Video analytics for early warning of potential safety incidents, analytics to improve yield and Elab Notebook Implementation for PIHS business. PI embarked on organization wide Digital Transformation and Analytics program. In FY 2024-25, the Company launched 7 new products in the AgChem and Horticultural space: PRESSEDO, SOLJU GR and SP, Osheen Ultra DORITO, KAPRIGIN, BYROCK and Vachan. It acquired UK-based Plant Health Care Limited (PHC) having operations across Brazil, Mexico, Spain, UK, US. Pioxaniliprole, the first New chemical entity in India for global crop protection markets was launched in FY26.