AVCJ

Oman-India fund commits $15.3m to India's GSO Crop Science

  • Andrew Woodman
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The Oman India Joint Investment Fund (OIJIF) has invested INR950 million ($15.3 million) in GSP Crop Science, an Indian agro-chemicals company.

Headquartered in Gujarat, GSP was set up in 1972 as manufacturer of crop fertilizer; it expanded its business in the 1990s to include pesticide products.

Today the company's product portfolio includes a range of insecticides, fungicides, and herbicides which it manufacturers at two plants, one in Ahmedabad and the other in Baroda, Gujarat.

According to AVCJ Research, this is OIJIF’s seventh investment in India and its first this year. The fund was set up in 2010 by the State Bank of India and Oman’s State General Reserve Fund with a corpus of $100 million. Each party contributed $50 million.

The fund’s other investments include electric component maker Indus Teqsite, explosives maker Solar Industries India, lithium battery manfacturer HBL Power Systems, renewables player Atria Brindavan Power, ING Vysya Bank, and National Commodity and Derivatives Exchange. According to VCCircle, it is currently looking to raise $350 million for a new fund.

"We invested in GSP Crop Science based on its underlying strengths in research and development leading to innovative products, marquee multinational and domestic customers, prudent mix of branded products and bulk sales in India and abroad,” said S. Srinath, CEO of OIJIF.

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