13 September 2019 Agrochemicals PI Industries has announced the acquisition of Isagro Asia from Isagro S.p.A for INR3.5b. Isagro Asia operates in India and is engaged in contract manufacturing, local distribution and exports of agrochemicals. PI will acquire 100% shareholding held by Isagro S.p.A in Isagro Asia, either directly or through a subsidiary. The deal has taken place at a valuation of ~15x P/E FY19. PI will fund the acquisition partly through internal accruals and partly through debt. Company remains confident of integrating Isagro Asias operations with itself in FY20. Isagro Asia generated revenue of ~INR3b in FY19; of this, 65% was contributed by the domestic formulation business and balance came in from the contract manufacturing business. In the domestic formulation business, Isagro sells in-licensing products, generics products and proprietary patent products. Three key in-licensing products include (i) insecticide mitigate, (ii) fungicide domark, and (iii) biostimulants siapton.