Sri Lankaâ€™s DIMO extends market reach with control of seed, fertiliser firms
ECONOMYNEXT – Diesel & Motor Engineering said its acquisition of two firms supplying seeds and chemicals will quickly extend its market reach around Sri Lanka and make it the only player offering mechanisation, transport, fertilizers and other inputs to farmers.
DIMO invested Rs345.5 million to take 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 agri inputs like crop protection products, specialised fertilisers and seeds.
They will work in partnership with DIMO Agribusinesses, the agriculture arm of Diesel & Motor Engineering PLC (DIMO), best known for importing luxury Mercedes-Benz cars and also selling Tata vehicles.
A statement said 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 speciality products and create quick access to markets around the country.
DIMO said it has been in the agriculture industry for over two decades providing agri machinery solutions and boosting the agriculture mechanisation process in the country through products such as Mahindra tractors, Claas combine harvesters and other equipment.
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 Mechanisation solutions, Agriculture Transportation solutions, Fertilizers and Agriculture Inputs to the consumer,” said Ranjith Pandithage, Chairman and Managing Director of DIMO.
Uditha Wanigasinghe, Founder and Chairman of the Plantchem said the tie-up with DIMO Agribusinesses, it expects to be the number one player in the agriculture inputs market in Sri Lanka.
“This collaboration is a result of the company’s succession plan and we believe that DIMO is the ideal partner for us.”
(COLOMBO, February 26, 2018)