Crystal Crop Acquires I&B Seeds, completing it’s twelfth acquisition. Crystal Crop Protection Limited is a provider of agricultural solutions while I&B Seeds operates in the flower and vegetable seed market.

The brand is known for its popular marigold seed brands, Indus and SPS.

This strategic move will diversify Crystal’s seed business and solidify its position in the high-value vegetable and flower seed segments.

Enhancing Seed Offerings and Market Reach

Crystal Crop Acquires I&B Seeds allowing the company to provide farmers with high-quality seeds, supporting improved yields and profitability.

This expansion will also promote innovation in seed technology, encouraging sustainable agricultural practices and greater crop diversity.

Crystal aims to enhance options for farmers and contribute to better food security and economic growth in the sector.

Commitment to Farmer Success

Ankur Aggarwal, Managing Director, Crystal Crop Protection Limited highlighted, “This acquisition marks a pivotal moment in our growth strategy. At Crystal, we are dedicated to supporting farmers’ well-being. By entering the vegetable and flower seed markets, we are diversifying our offerings and empowering farmers with high-quality seeds that can significantly boost their income. Our goal is to provide innovative solutions that improve yields and profitability, ensuring farmers have access to the best resources for their cultivation needs”.

Strong Portfolio and Expanded Reach

Crystal currently has a robust seed portfolio with brands such as Proagro, Sadanand, Surpass, and Dairy Green. These brands cover crops like cotton, maize, pearl millet, mustard, fodder, wheat, berseem, and sorghum.

By adding Indus and SPS brands through the I&B Seeds acquisition, Crystal will strengthen its product lineup.

The company projects that this new addition will boost its seeds division’s revenue growth by 30%.

Synergy and Future Growth

Praveen Noojibail, MD, I&B Seeds stated, “This acquisition is a great opportunity for Crystal seeds to combine I&B Seeds’ legacy in the flower and vegetable seed market with Crystal’s extensive resources and distribution network. The scale and strength of Crystal will help deliver innovative and high-quality seeds to farmers across India and beyond, ensuring better yields and profitability”.

Crystal Crop’s acquisition of I&B Seeds positions the company for continued growth and a stronger presence in the agriculture industry.

Manali Petrochemicals Limited (MPL) has released its unaudited financial results for the quarter and six months ending September 30, 2024.

The Verdict

In the quarter under review, MPL reported total standalone income of ₹169 crore, down from ₹183 crore in the previous quarter. The company incurred a loss of ₹11 crore for this quarter, contrasting with a profit of ₹2 crore in the previous quarter.

Challenges and Performance

The company faced challenges primarily due to the dumping of imported materials at lower prices and increasing raw material costs.

Despite these losses on a standalone basis, the operational performance of its overseas subsidiaries contributed positively to the consolidated results for the quarter.

Leadership Talk

Chairman Ashwin Muthiah said, “This quarter’s performance reflects ongoing macroeconomic pressures, including rising raw material costs and competition from cheaper imports.”

He noted the positive contributions from overseas subsidiaries that have bolstered the company’s bottom line.

Muthiah emphasized the importance of maintaining cost efficiencies and advancing expansion plans as top priorities for the future.

Managing Director R. Chandrasekar highlighted the difficulties posed by increased import dumping from neighboring countries, which has created challenging market dynamics.

He pointed out that the company’s inability to pass on price increases to customers further impacted performance and margins.

Chandrasekar acknowledged the strong contributions from overseas subsidiaries. He mentioned that this was an indicator of long-term growth potential and would enhance overall performance moving forward.

Brand Value

Chennai based Manali Petrochemicals Limited specializes in the marketing of propylene glycol and polyols.

As a part of the $2+ billion AM International Group headquartered in Singapore, MPL has two wholly-owned subsidiaries: AMCHEM Speciality Chemicals Private Limited in Singapore and Manali Speciality Private Limited in India.

As per the press release, the company has four step-down subsidiaries: Notedome Limited in the UK, Notedome Europe GmbH in Germany, PennWhite Limited in the UK, and PennWhite India Private Limited in India.

ZeroAvia and PowerCell Group has signed a Memorandum of Understanding (MoU), aiming to advance next-generation fuel cell technologies through joint research and development.

The collaboration will target intermediate and high-temperature fuel cells, expanding potential applications to include larger fixed-wing aircraft and rotorcraft.

Proven Partnership in Fuel Cell Innovation

The two companies ZeroAvia and PowerCell Group have a history of successful collaboration. PowerCell’s fuel cell stacks have played a vital role in ZeroAvia’s prototype powertrains, which powered two of the company’s groundbreaking fuel cell flight demonstrators.

ZeroAvia is currently designing a bespoke multi-stack balance-of-plant architecture using PowerCell’s low-temperature proton exchange membrane (LT-PEM) stacks, optimized for aviation use.

PowerCell is also a crucial supplier for ZeroAvia’s ZA600 powertrain, a 600-kW system designed for 20-seat aircraft.

High-Temperature Fuel Cells for Larger Aircraft

ZeroAvia’s roadmap includes high-temperature PEM (HT-PEM) fuel cell stacks, crucial for its ZA2000 powertrain intended for 40-80 seat aircraft.

The advanced stacks are setting industry standards with cell-level power densities exceeding 2.5 kW/kg.

Operating fuel cells at higher temperatures can simplify the overall architecture by reducing cooling and humidification needs. This results in enhanced power output relative to weight, making the technology suitable for larger aircraft.

Leverage PowerCell’s Expertise to Achieve High Technology Readiness

The collaboration will benefit from PowerCell’s extensive experience in industrializing hydrogen-electric technologies. This joint effort will push the development of advanced fuel cell solutions to high Technology Readiness Levels (TRLs).

h2-tech.com reported that ZeroAvia’s partnership enables the application of its technology across multiple sectors.

Leadership Insights

Val Miftakhov, Founder-CEO, ZeroAvia said, “Our partner shares our passion for advancing hydrogen fuel cell technologies for more power-hungry aircraft. Working together accelerates industry change and enhances solutions for other transport and non-transport sectors”.

Richard Berkling, CEO, PowerCell Group informed, “We’re sure that commercial H2-electric flights will commence in the coming years, triggering a snowball effect as airlines and passengers recognize the environmental and cost advantages. This partnership positions PowerCell as a key player in a future-focused market, and we’re excited to deepen our work with ZeroAvia to enable more sustainable flights and reduce emissions”.

Six out of 29 major industries contributed over half of India’s manufacturing sector gross value added (GVA) in 2022-23, according to the additional Annual Survey of Industries (ASI) data from the National Statistical Office (NSO).

This data highlights the uneven distribution of productivity across industries. Most industry groups added only limited value to final goods and services, resulting in a low contribution to total GVA.

Leading Contributors and Their Share

The basic metals and chemical and chemical products sectors together accounted for 22 per cent of the GVA. The share of these six leading industries was 55.78 per cent in the previous fiscal year. Basic metals (11.6 per cent), chemical & chemical products (9.8 per cent), and pharmaceuticals (7.3 per cent) saw their shares decrease from the previous year.

Industries Showing Growth

The contribution from the automobile industry, food products, and refined petroleum improved in FY23. The automobile sector’s share rose to 8.07 per cent, food products reached 7.14 per cent, and refined petroleum hit 8.7 per cent.

Key States Driving Manufacturing GVA

Maharashtra, Gujarat, Tamil Nadu, Karnataka, and Uttar Pradesh contributed over half of India’s manufacturing sector.

Their combined contribution increased to 54.7 per cent in FY23, up from 53.3 per cent in FY22. Karnataka’s share remained the same, while the other four states saw an increase.

Growth in GVA and Employment

Manufacturing GVA grew by 7.3 per cent in 2022-23, reaching ₹21.97 trillion at current prices. NSO data for FY23 showed that employment in the formal India’s manufacturing sector grew at the fastest rate in 12 years, with 1.3 million new jobs created, compared to 1.1 million in 2021-22.

Rise in Employment and Number of Factories

Total employment in the manufacturing sector increased by 7.4 per cent in FY23, reaching 18.5 million. The number of factories also rose to 253,000 in 2022-23, up from 249,000 in 2021-22.

Significance of the Survey

As reported by business-standard.com, the NSO survey provides valuable insights into trends in output, employment, and capital formation within India’s manufacturing sector.

The Performance

Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL), one of India’s top producer of industrial and mining chemicals and fertilisers, announced robust results for the quarter ending September 30, 2024. Deepak Fertilisers reported an impressive 237 percent
year-on-year increase in net profits.

Revenue Boost Led by Crop Nutrition Business

Chairman and Managing Director, Sailesh C. Mehta (DFPCL) stated, “Deepak Fertilisers delivered strong performance in Q2 FY25, with a thirteen percent rise in revenue. The Crop Nutrition business drove this growth, showing an 18 percent year-on-year increase. The Chemical business grew by 8% year-on-year, despite a challenging quarter for the sector. Our Fertiliser and Chemical divisions acted as a natural hedge, supporting consistent and improved results”.

Positive Outlook for Key Sectors

India’s growth continues to support the chemical and fertiliser sectors. The demand for crop nutrition, mining chemicals, and industrial chemicals aligns well with the country’s expansion. Deepak Fertilisers is focusing on its TAN Project in Gopalpur and the nitric acid project in Dahej to capture future growth opportunities.

Diverse Portfolio and Market Leadership

DFPCL manufactures technical ammonium nitrate, industrial chemicals, and crop nutrition. The company serves crucial sectors such as infrastructure, mining, chemicals, pharmaceuticals, and agriculture. DFPCL operates plants in Maharashtra, Gujarat, Andhra Pradesh, and Haryana.

Industry Leadership and Product Innovation

DFPCL is one of India’s top manufacturer and marketer of Iso propyl alcohol (IPA) and Southeast Asia’s largest producer of nitric acid. The company develops specialised grades of nitric acid and IPA to meet industry-specific needs.

Technical Expertise in Ammonium Nitrate

As per the company press release, DFPCL is among the world’s leading manufacturers of Technical Ammonium Nitrate. It is the only Indian producer of pilled Technical Grade Ammonium Nitrate solids and medical-grade Ammonium Nitrate. The company also offers technical services to enhance downstream productivity for mining customers.

Gensol Engineering, a renewable energy sector brand focusing on solar power engineering, procurement, and construction (EPC) services, has announced the acquisition of a significant turnkey EPC order from a major public sector utility in Maharashtra.

The project entails the development of a 150 MWac ground-mounted solar photovoltaic (PV) power plant, valued at ₹780 crore. The execution period for the project is set at fifteen months.

Promoter Talk

“The project highlights Gensol’s growing expertise in providing comprehensive solar solutions. It will be instrumental in advancing India’s clean energy transition and aligns with our commitment to supporting the optimal energy mix. We look forward to collaborating further with the state of Maharashtra to enhance India’s renewable energy objectives,” said Shilpa Urhekar, Chief Executive Officer, Solar EPC (India) at Gensol Engineering.

The Way Forward

Gensol Engineering will oversee the entire project lifecycle, including land acquisition, design, engineering, procurement, and logistics.

Scope includes manufacturing, supply, installation, inspection, testing, and commissioning of 150 MWac grid-connected ground-mounted solar PV power plant.

Services and Maintenance

The contract includes three years of operation and maintenance services for the project, covering the plant’s switchyard and transmission infrastructure.

The initiative aligns MNRE’s April 2022 policy to improve Maharashtra’s energy infrastructure and support India’s sustainable energy goals.

The Brand

As reported by msn.com, Gensol specializes in solar EPC services and electric mobility solutions.

Natural gas consumption is projected to double from 65 bcm in 2023 to 113.7 bcm by 2040.

A growing population, rapid economic development, and a stronger shift toward cleaner energy are driving this surge.

Natural Gas Consumption – Domestic Production vs. Rising Demand

Domestic gas production is projected to rise by 51% from 2020 levels, reaching 36.7 bcm by 2025.

India is the fourth-largest importer of LNG and depends on imports for about half of its natural gas needs.

Opportunities with Middle Eastern Producers

Kaushal Ramesh, V,  Rystad Energy, highlighted that India has a significant opportunity to secure future energy supplies from Middle Eastern producers.

Sectoral Drivers of Increased Demand

The expanding CGD network and fertilizer industry will fuel the rise in natural gas consumption.

Urea production, relying heavily on natural gas, touched 30 million tons in 2023, pointing to potential growth.

Refining Capacity and Infrastructure Expansion

Refining capacity will increase to 335 mtpa by 2030.

CGD network grew rapidly, with CNG stations increasing more than fivefold from 2015 to 2023, and PNG connections quadrupled to 12 million. 

Nationwide Coverage of CGD Network

As reported by knnindia.co.in, CGD bidding rounds will extend the network across India.

Laurus Labs is ramping up its Research and Development (R&D) capabilities, focusing on a significant array of new products.

According to Satyanarayana Chava, Founder and CEO, Laurus Labs, the company is committed to investing in its portfolio through a product-specific strategy that considers complexity and economies of scale.

Chava stated, “We have a total of sixty-two products in our R&D pipeline, either under review or in development, targeting a substantial addressable market size”.

New R&D Center in Hyderabad

In October, Laurus Labs opened a new small molecule R&D center at ICICI Knowledge Park in Hyderabad, which provides comprehensive development and manufacturing service, using state-of-the-art technology.

The new center attracted significant interest from existing biopharma customers for early-stage process development work.

Advanced Capabilities to Support Growth

The Hyderabad-based drug maker will utilize advanced techniques such as flow chemistry, biocatalysis, and high-potency chemistry at this new facility.

These capabilities will help Laurus secure early-stage projects, broaden its project funnel, and meet the increasing demands of global partners.

Additionally, Laurus has expanded its fermentation site by adding a new pilot plant, which will optimize capacity.

“Our plans to increase fermentation capacity are on track to capitalize on GMP manufacturing opportunities,” Chava confirmed.

Commitment to Quality and Regulatory Standards

Laurus underwent nearly 76 quality audits by various regulatory agencies and customers, and passing inspections without any critical findings.

Laurus is progressing towards becoming a diversified Contract Development and Manufacturing Organization (CDMO), meeting the complex needs of its customers.

As reported by thehindubusinessline.com, the brand is reinforcing growth by executing long-term investment strategy, enhancing development expertise and building integrated large-scale manufacturing capabilities.

Water technology company AO Smith Acquires HUL’s Pureit Water Business for approximately Rs. 601 cr. as per a company release. Hindustan Unilever Limited (HUL) confirmed the completion of the sale.

HUL stated, “The Board of Directors has approved the sale and divestment of the Company’s Water Purification business, operated under the Pureit brand, including trademarks, copyrights, and other intellectual properties, as well as identified assets and contracts associated with the business, on a slump sale basis to AO Smith India Water Products Private Limited.”

AO Smith Acquires HUL’s Pureit Water Business: The Deal

The company finalized the divestment of Pureit on November 1, 2024. In July, HUL announced its decision to sell the Pureit business to AO Smith India for approximately ₹601 crore (about $72 million).

For the financial year ending March 31, 2024, the turnover of the Pureit water purification business reached ₹293 crore.

The Business

HUL’s water purification segment falls under its broader Home Care business, which the company does not separately track in terms of net worth.

AO Smith Corporation noted that the total acquisition cost for Pureit amounts to around $120 million, subject to customary adjustments.

CEO Input

Kevin J. Wheeler, Chairman and CEO of AO Smith said, “Pureit complements our premium brands in the market, and its strong presence in e-commerce will enable us to expand our footprint in that channel.”

The acquisition aligns with AO Smith’s strategy to scale up and enhance its premium water treatment product offerings.

The Brand

As reported by livemint.com, Pureit was launched to provide safe and accessible drinking water. The brand currently operates in several countries, including India, Bangladesh, Sri Lanka, Vietnam, and Mexico.

Cairn reaffirms Net Zero Commitment by 2030 with the company joining the UNEP’s Oil & Gas Methane Partnership (OGMP) 2.0. Part of the Vedanta Group, Cairn signed an MOU with the United Nations Environment Programme’s (UNEP) Oil & Gas Methane Partnership (OGMP) 2.0 in this regard.

Cairn Reaffirms net zero commitment and is the only producer in India to commit to significantly reducing methane emissions, thereby reinforcing its dedication to decarbonizing operations.

Methane Reduction

The OGMP 2.0 initiative provides a comprehensive framework for emissions management and robust reporting systems.

It emphasizes accurate measurement, reporting, and verification (MRV) of methane emissions to facilitate effective reductions.

Cairn will set a five-year methane reduction target and transparently report its progress to the OGMP.

This approach will allow Cairn to analyze its emission profiles and leverage data for cost-effective emission mitigation.

With this partnership, Cairn reaffirms its goal of achieving net zero carbon status by 2030.

The OGMP 2.0 initiative covers over 40% of global oil and gas production, enabling companies to enhance the quality and accuracy of emissions data for effective methane reduction.

Industry Leadership

Giulia Ferrini, OGMP 2.0 Programme Manager stated, “We are thrilled to welcome our first member from India and hope that Cairn’s commitment will inspire other companies from the country to join OGMP 2.0 and contribute to improving methane emissions reporting and management practices in the oil and gas sector”.

The Roadmap

The OGMP 2.0 framework offers companies credible means and science-backed strategies to demonstrate progress toward methane reduction targets.

It supports the goals of the Paris Agreement and the Global Methane Pledge. A commitment by over 150 countries to reduce global methane emissions by 30% by 2030.

Cairn’s membership is a benchmark for methane transparency. It contributes actively towards environmental objectives, doubling OGMP 2.0’s coverage to nearly one-fourth of Indian oil and gas production.

Strategic Initiatives for Sustainability

Hitesh Vaid, CFO mentioned, “By setting new benchmarks in sustainable energy production, Cairn has become the first oil and gas company in India to adopt this program”.

Vaid added, “Our multi-faceted ESG strategy—integrating renewable energy, carbon capture utilization and storage (CCUS), waste-to-energy projects utilizing low-carbon technologies, and extensive nature-based carbon solutions – underscores our commitment to environmental stewardship and India’s energy security”.

Notable Achievement

Cairn accelerated its net-zero commitments to 2030 by focusing on enhancing operational performance while mitigating climate change.

The company plans to minimize emissions through process optimization, improved reliability, and low-carbon technologies.

As per the press release, Cairn successfully reduced potential gas flaring volume by 60% over the past four years.

Its long-term strategy to achieve net zero carbon by 2030 is backed by a detailed plan to explore new opportunities.