BanyanTree invests $9m in India's Safex Chemicals

The investment under BanyanTree's $175 million BTGC-II growth capital fund will be used to support Safex's expansion efforts, marketing and long-term working capital requirements.

Having set up its first manufacturing facility in 1992, Safex established a second unit in 2004 and had increased its sales portfolio to 150 products as of the end of 2015. These products include herbicides, weedicides, fungicides and insecticides to plant growth regulators and plant micronutrients.

The company has a network of more than 6,000 dealers across India and has seen compouand annual growth in excess of 40% over the past five years.

BanyanTree provides capital to Indian middle-market companies with a focus on neglected sectors, an active co-investment strategy and structured investments. It targets businesses that have strong management teams and revenues in excess of $20 million.

BanyanTree's two funds have invested in 19 companies across manufacturing, healthcare, packaged foods and education. BTGC-II has previously backed renewable power provider Atria Brindavan Power, which operates more than 46 megawatts in hydro assets with plans to add wind and solar projects to its portfolio.

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• Topics
• South Asia
• Industrials
• Expansion
• Chemicals
• India
• Agriculture
• Growth capital
• Banyan Tree Growth Capital
• manufacturing