The company had applied for allotment of a plot at Hardoi, Uttar Pradesh from Uttar Pradesh Industrial Development Authority (UPSIDA). The cost of acquiring the said plot is Rs 9.61 crore. The land is adjacent to the company's existing Sandila Plant.

IPL has now received the allotment letter for the said land from the concerned competent authority. The acquisition of this new land will help the firm in its capex plan of setting up a manufacturing unit of pesticides, furthering the expansion of its Sandila Plant.

Anand S. Agarwal, chairman, said, "We are pleased to announce a strategic development in the growth trajectory of our company. In line with our commitment to innovation, sustainability, and the pursuit of excellence, we have successfully completed the acquisition of a prime parcel of land measuring 11,461 square meters adjacent to our existing manufacturing plant at Sandila.

This acquisition marks a pivotal step in our journey towards expanding our operations and facilitating the implementation of new projects that will further strengthen our competitive position in the market."

India Pesticides (IPL) is one of the fastest growing, R&D driven and globally operating agrochemical companies. It is also a leading manufacturer of herbicide and fungicide technicals and active pharmaceutical ingredients (APIs).

The company reported 61.59% fall in net profit to Rs 15.89 crore on a 7.79% decline in sales to Rs 201.44 crore in Q1 FY24 over Q1 FY23.