Sumitomo Chemical India Limited (NSEI:SUMICHEM) entered into definitive agreement to acquire unknown minority stake in Barrix Agro Sciences Pvt. Ltd. on September 1, 2023. Sumitomo Chemical is acquiring total 85% stake in Barrix through a combination of primary investment (subscribing to new equity shares to issued by Barrix) and secondary stake purchase (transfer of shares from existing shareholders) for a total consideration of INR 850 million.

Barrix Agro reported turnover of INR 380 million for FY 2022-23. The transaction is subject to customary closing conditions and approvals. KPMG acted as commercial, financial & tax due diligence advisor to Sumitomo Chemical India Limited.

Pioneer Legal acted as legal advisors to Sumitomo Chemical India Limited. EY acted as exclusive financial advisor and IC Universal Legal and KS&K acted as legal advisors to Barrix Agro Sciences and its shareholders including Omnivore.