Indian company GSP gets private equity funding
Private equity fund Oman India Joint Investment Fund has invested Rs 950 million ($15.2 million) in Indian agrochemical company GSP Crop Science (Ahmedabad) for an undisclosed stake. The private equity fund is a joint venture between State Bank of India and State General Reserve Fund of Oman. "We invested in GSP Crop Science based on its underlying strengths in research and development leading to innovative products, marquee multinational and domestic customers, prudent mix of branded products and bulk sales in India and abroad," says the fund's chief executive officer, S Srinath. GSP has annual sales of over $100 million. Its portfolio comprises 70 branded products marketed across India through a network of 5,000 distributors and over 30,000 dealers. The company also exports to 25 countries.