GSP Crop Science sets up subsidiary in Brazil to tap Latam markets

GSP Crop Science Pvt Ltd, an agrochemical maker, has set up a subsidiary in Brazil to expand its presence in the Latin American (Latin America) market. Thirth Shah, Director of International Business, GSP Crop Science, said that the company, which sees great potential in the Latin American market, proposes to invest around $2-3 million in Brazilian operations.

“We are starting to build a team in Brazil, where we plan to push hard,” said Shah. The agrochemical market in Brazil, where farm holdings are very large, is estimated to be around $14 billion.

GSP CropScience, which posted revenue of around Rs. 1,500 crore during 2022-23, up from Rs. 1,300 crore in the previous year, got about a fifth of it from overseas markets. Besides Brazil, the company exports agrochemicals to other markets such as Argentina, Colombia, Vietnam, Thailand, the United States, Europe, the Middle East, Africa, Australia, and more.

On the current budget, the company expects its revenue to be largely flat as it proposes to focus on driving new products with better margins, said Bhavesh Shah, managing director of GSP CropScience.

Good traction

The company, which launched Chlorantraniliprole (CTPR) products in December last year, has seen good market traction with insecticide sales of Rs 50 crore. “We expect sales of all CTPR fixtures to be around Rs 150 crore this year,” he said. CTPR is used on a wide range of crops such as pulses, peanuts, soybeans, vegetables, rice, tea and sugarcane for pest control. He also said that the company’s recently launched seed processing product for peanuts and soybeans is getting good responses.

The company also proposes to launch an easy-to-use application for farmers soon, which will provide advice on crops, information on farming techniques and the use of agrochemicals. Besides English and Hindi, the app, which is based on GPT chat, will be launched in seven regional languages ​​including Gujarati, Marathi, Punjabi and Telugu, Shah said.