Sri Lanka’s Diesel and Motor Engineering Company expands operations in supplying seeds and chemicals
The Diesel and Motor Engineering Company (DIMO) in Sri Lanka has reportedly stated that the company plans to expand its operations in transport to supplying agriculture seeds and fertilizer.
The Company has said the acquisition of two firms supplying seeds and chemicals will quickly extend its market reach around the country.
According to reports, DIMO has invested Rs. 345.5 million to secure 51% stakes in the privately-owned Plantchem (Private) Limited and Plant Seeds Private Limited.
The two firms are engaged in the import, processing and distribution of agriculture inputs like crop protection products, specialized fertilizers and seeds.
They will work in partnership with DIMO Agribusinesses, the agriculture arm of DIMO.
DIMO is the importer of luxury Mercedes-Benz cars and Tata vehicles.
A statement on DIMO’s latest partnership has stated that the partnership will expand DIMO’s footprint in the agriculture business, enabling it to expand its product portfolio in crop care solutions, seeds and other agriculture specialty products and create quick access to markets around the country.
DIMO has stated it has been in the agriculture industry for over two decades providing agriculture machinery solutions and boosting the agriculture mechanization process in the country.
Most recently, DIMO Agribusinesses ventured into DIMO Fertilizers.
“The partnership will also help us to be the only player in the market to offer Agri Mechanization solutions, Agriculture Transportation solutions, Fertilizers and Agriculture Inputs to the consumer,” Chairman and Managing Director of DIMO, Ranjith Pandithage has been quoted as saying in the statement.
Meanwhile, Founder and Chairman of the Plantchem, Uditha Wanigasinghe has said the tie-up with DIMO Agribusinesses, it expects to be the number one player in the agriculture inputs market in Sri Lanka.
OSL take:
The expansion of DIMO in the fields of agriculture seeds and chemicals through the formation of joint ventures indicates the opportunity for similar business deals in the country.
| Article Code : | VBS/AT/20180227/Z_4 |