MUMBAI, March 5: The $10 billion US multinational, Monsanto, plans to spin off its Indian industrial chemicals business into a separate company, Solutia, as part of a global restructuring effort. Globally, Monsanto has spun off its chemicals business into two separately traded companies - a life sciences company (including the agricultural, food ingredient and pharma business) and a chemicals entity.Monsanto marketing director, biotechnology, Raj D Ketkar, said that the industrial chemicals business accounting for around 10 per cent of Monsanto Chemicals of India's turnover of roughly Rs 100 crore would be spun off and valuation details were being worked out. The Monsanto group is targeting a turnover of about Rs 500 crore in the next five to seven years in India.Monsanto Company, USA, director, Public Affairs, Gary Barton, earlier unveiled its new corporate logo depicting a vine and aimed at reflecting its new business focus and objective to be a leading integrated life sciences company in theworld.The Monsanto group currently operates through three companies in India - Monsanto India, the holding company which is held 100 per cent by Monsanto, USA, Monsanto Enterprises which is a 100 per subsidiary of Monsanto India and Monsanto Chemicals, a 40 per cent subsidiary of Monsanto.Tie-up with MahycoMUMBAI: Monsanto has joined hands with privately held Indian company, Maharashtra Hybrid Seeds Company Ltd (Mahyco), to bring in the first insect-tolerant cotton in the country.The 50:50 joint venture company, Mahyco Monsanto Biotech india Pvt Ltd, has received government clearance to conduct limited trials of the product and experimental launch had been scheduled for 1999. The insect-resistant cotton variety, Bollgard, has increased productivity by over 20 per cent in the US, Australia and parts of Latin America and could bring about substantial savings in expenses on pesticides.
