Corporate Feature     

Published: June 15, 2024
Updated: June 15, 2024

Nova Agritech Ltd.

To invest up to Rs. 36 crore in Wholly Owned Subsidiary

Nova Agritech Limited (BSE: 544100, NSE: NOVAAGRI), a leading agri-input manufacturer offering soil health management, crop nutrition, and crop protection products, has announced that its board, in its meeting on June 22, 2024, has approved an investment of up to ~Rs. 36 Cr in Nova Agri Sciences Private Limited (Wholly-owned Subsidiary) by way of subscription to 35,28,650 Unsecured Optionally Convertible Debentures (OCDs) of face value of Rs. 100 each.

Nova Agritech Limited was founded by SambasivaRao Yeluri and Kalyana Chakravarthy with the objective of being a one-stop solution provider by offering ecologica sustainable and nutritionally balanced products to farmers.

Mr Yeluri SambasivaRao is currently serving as the MLA of the Parchur constituency, representing the Telugu Desam Party (TDP), the current opposition party in the state. He successfully led the 2019 Assembly election from the same constituency and was re-elected as MLA for the third time in 2024.

The company is an agri-input manufacturer offering soil health management, crop nutrition, and crop protection products, focused on a tech-based, farmerdriven solution approach. The main offerings are ecologically sustainable and nutritionally balanced products based on extensive R&D. The company manufactures, distributes, and markets a wide range of product categories, including: (a) soil health management products; (b) crop nutrition products; (c) bio stimulant products; (d) bio pesticide products; (e) Integrated Pest Management (IPM) products; (f) new technologies; and (g) crop protection products. Currently, the crop protection products are manufactured by the subsidiary Nova Agri Sciences Private Limited.

Nova Agritech Limited has received a total of 629 product registrations, comprising 7 registrations in the soil health management category, 168 registrations in the crop nutrition category, 4 registrations in the bio pesticide category, and 450 registrations in the crop protection category. All 450 registrations in the crop protection category are in the name of Nova Agri Sciences Private Limited. Additionally, there are applications for 53 registrations for new products across various categories in the name of Nova Agri Sciences Private Limited (NASPL) and 26 new registrations in the name of Nova Agritech Limited (NATL).