New Delhi, Mar 24 (IANS): Agrochemical company Safex Chemicals India Limited has announced that India-focused private equity firm ChrysCapital is investing $50 million in the company for a significant minority stake.

The transaction involves a combination of secondary sale by an existing PE investor, BanyanTree Growth Capital, along with a primary raise by the company for growth initiatives, a statement said.

Founded in 1991, Safex manufactures and sells branded agrochemicals that help enhance protection and productivity of Indian crops.

As a part of the transaction, Raghav Ramdev (Managing Director, ChrysCapital) and R. Hariharan, industry veteran with over 25 years of experience in the Indian agrochemical industry will join the board of Safex as nominees of ChrysCapital.

"We are pleased to welcome ChrysCapital as an investor and partner for the next phase of Safex's growth journey. ChrysCapital has deep capabilities and a proven track record of collaborating with entrepreneurs and business groups to build sizeable and industry leading players," S.K. Chaudhary, Founder Director of Safex.

"We intend to leverage our strong management capabilities and ChrysCapital's extensive network to drive Safex's growth by bringing innovative products and solutions to the Indian agrochemical industry through M&A and in-licensing opportunities. Together, we are focussed towards creating value for all our stakeholders," Chaudhary added.

Commenting on the investment, Raghav Ramdev, Managing Director, ChrysCapital said, "ChrysCapital is excited to partner with Safex in its growth journey. Going forward, Safex has multiple growth levers in place, from penetrating deeper in the Indian branded business to entering the technicals segment, which will further propel the company to become a marquee player in the agrochemical industry."