Godrej Agrovet (GAVL), a diversified agriculture firm, expects to spend heavily in Astec Lifesciences, its agrochemical active ingredients subsidiary, in the current financial year, increasing its capital expenditure to over 500 crore. In recent years, the corporation has spent between 200 and 250 crores on capital expenditures.
More than 300 crore of the 500 crore expenditure planned for the year would be invested in scaling up Astec Lifesciences, where we see significant development potential, said Balram Singh Yadav, GAVL’s Managing Director. The remainder will be used to expand marginal capacity in other businesses.
In August 2015, GAVL purchased Astec LifeSciences, which produces fungicides, insecticides, herbicides, and intermediates for global clients.
