Rallis buys Waste Agro Organics stake

8220;Rallis completed the First Closing in terms of the agreements by acquiring the first tranche of shares comprising 22.8 per cent of the equity,8221; the company statement said.

In the first phase,Rallis will invest Rs 10 crore for acquiring 22.8 per cent shares in ZWAOPL. Of which,Rs 5 crore would be invested in the company and rest Rs 5 crore for purchase of shares from the current shareholders,it said.

ZWAOPL will be a subsidiary of Rallis,which has rights to raise its stake to 51 per cent in this new firm in a years time as per the Definitive Agreements,it added.

Announcing the development,Rallis India Managing Director V Shankar said,8221;With this acquisition,Rallis has further strengthened its product portfolio with organic manure and soil conditioner products8230;.8221;

Rallis further said it will also have exclusive sales and marketing arrangements with ZWAOPL for domestic and international markets.