Punjab Chemicals & Crop Protection (PCCPL) announced the acquisition of 70% stake in Vadodara based agro-formulation company Parul Chemicals (Parul) at an enterprise value of Rs 90 million.

Parul Chemicals (Parul) is an agro-formulation company having a state-of-the-art manufacturing facility near Vadodara. Over the last 30 years, Parul has acquired more than 100 CLB registrations for various agro formulations. Some of the established brands of Parul are Radiant, Patron, Dragon, Ray, Agnee, Kleanup etc. In FY08, Parul achieved a turnover of Rs 220 million.

Commenting on the acquisition, Shalil Shroff, managing director of PCCPL, said, ``This acquisition will strengthen our position in agro-formulation business in India through leveraging Parul`s product portfolio, distribution network, sales team and manufacturing facility.``

Shares of the company gained Rs 12.65, or 4.52%, to settle at Rs 292.7. The total volume of shares traded was 150,855 at the BSE (Tuesday).