From ET Realty
NEW DELHI: State-run Hindustan Insecticides is planning to sell 5.6 acres land in the national capital, estimated around Rs 350 crore, to finance its expansion plans.
HIL is looking to appoint a consultant for the sale of 5.6 acres of land at Zakhira near the Delhi-Rohtak road, a source said.
“The company wants to monetise its assets for its expansion plans therefore they are planning to sell this piece of land which is estimated to be around Rs 350 crore,” the source added.
At present Hindustan Insecticides Ltd (HIL) has three plants one each at Cochin, Bathinda and Rasayni with combined capacity of 30,000 kilo litres per annum of pesticides.
“The company has prepared plans to expand its current capacity and at the same time also exploring to venture into other similar business,” the source added.
Recently, the Department of Fertilisers has certified HIL as importer of decontrolled phosphatic and potassic fertilisers.
HIL was incorporated in March, 1954 for supplying DDT for National Malaria Eradication Programme launched by the government.
Subsequently, the company diversified into agro-pesticides to meet the requirements of agriculture sector and has grown manifold with a turnover of about Rs 340 crore in the last financial year.
Company has also entered into the field of safe and eco-friendly botanical and bio-pesticides for public health and plant protection. At present its product range includes insecticides, herbicides, weedecides and fungicides etc.