Dhanuka Agritech, a leading pesticide manufacturer has signed a ‘Letter of Intent’ with Spain’s Kimitec to explore various business opportunities, including setting up a joint venture plant in India.

Dhanuka Agritech, which has three manufacturing units in Gujarat, Rajasthan and Jammu & Kashmir, said it has signed a ‘Letter of Intent’ with Spain-based Kimitec to explore various business opportunities, including setting up a joint venture in India for the development and commercialization of biological products using natural molecules and derived from natural sources.

“The two companies will explore setting up a research & development facility in the country,” it said.

“The demand for biological products is increasing globally, and we see an uptrend for these products in India too,” said Rahul Dhanuka, joint managing director of Dhanuka Agritech, which has already tie-ups with seven agrochemical companies from the US, Japan and Europe.