Crystal Crop (IFC-44971)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Nagpur, Dahej
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 4, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Potential Rights Impacts
  • Healthy Environment
  • Housing & Property
  • Labor & Livelihood
  • Marginalized Groups
  • Right to Food
  • Right to Health
Only for projects receiving a detailed analysis, a broad category of human and environmental rights and frequently at-risk populations.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 14.91 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 24, 2022

Disclosed by Bank Nov 3, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Crystal Crop Prtoection Ltd. plans to (i) further expand Crystal’s own in-house manufacturing of active ingredients (“technicals”), which will help it to further backward integrate and reduce dependence on imports of technicals (ii) fund capital expenditure to expand capacity, improve IT infrastructure and automation in its plants, (iii) fund working capital requirement; (iv) setup solar plants in its production units to promote cleaner energy and reduce power costs, and (v) fund costs for domestic and global product registrations (all together, the “Project”).    

IFC is proposing an investment in the company to support; i) expansion of a recently acquired, operational, active ingredient manufacturing facility at Nagpur in the State of Maharashtra, India planned between March 2022 and March 2024; ii) greenfield development of an active ingredients manufacturing plant that is under construction at Dahej in the State of Gujarat, India and expected to be commissioned in December 2021; iii) registration of new molecules; and iv) financing working capital (the “Project”). Company has completed environmental and social impact assessment (ESIA) studies and obtained environmental clearance from central regulatory authorities for both Nagpur and Dahej projects.The company has also diversified into manufacturing, distribution of seeds (pearl millet, paddy, maize, grain sorghum, fodder, and cotton) and the distribution of agri-equipment (sprayers and crop harvesters). To diversify into the seed business, the company acquired M/s Rohini Seeds Private Limited in 2012 and currently owns 75 acres of advanced R&D farms and a state-of-the-art seed processing facility at Hyderabad (Telangana). The seed business division of the company has: 1,200 distribution partners; 15,000 retail partners; 5 institutional customers; 60+ sales and marketing team; 100+ crop advisors; and 13 supply distribution centres.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category A project as per IFC’s Policy on Environmental and Social Sustainability as the company's business operations have the potential to cause significant adverse E&S risks and/or impacts that are diverse, irreversible, or unprecedented. Specifically, any catastrophic failure event in handling and storage of hazardous chemicals such as chlorine and bromine proposed at Nagpur and Dahej facilities respectively, could have potentially irreversible or unprecedented impact on neighborhood village communities that are located within the impact zone.

Key E&S risks and issues associated with this project include: (a) the company’s capacity to formulate and implement an integrated environment, health and safety management systems (ESMS) that meets: IFC PS 1 requirements, and cover the entire business operations spanning from the corporate level to the various manufacturing plants and the product distribution chain; (b) assurance of fair, safe and healthy working conditions including occupational health and safety (OHS) in compliance with local regulatory requirements, current good management practices (cGMPs) applicable to pesticide sector, and relevant PSs; (c) resource efficiency; (d) compliance of the company’s business operations with all international conventions, international agreements, Food and Agricultural Organization (FAO) standards and host country regulations that are applicable to pesticide industry sector, permit conditions and host country E&S regulations and assure compliance; (e) hazardous chemicals and materials management systems and pollution prevention strategies aligned to good international industry practices (GIIP) that are outlined in the World Bank Group (WBG) EHS Guidelines for pesticide manufacturing industries. Company’s management capacity to assess and avoid the risks and impacts on neighborhood communities due to onsite storage and handling of multiple hazardous and toxic chemicals as raw materials; (f) life and fire safety infrastructure and onsite & off-site emergency preparedness and response systems; (g) community health, safety and security including exposure to catastrophic accidents, instituting effective stakeholder engagement and community grievance redress mechanism; (h) cumulative impacts; and (i) pollution issues such as potential contamination risks in older plants (e.g Nathupur and Nagpur) that are in operation for more than a decade.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Nand Kishore Aggarwal (Executive Chairman) and his son, Ankur Aggarwal (Managing Director), along with their families hold 94.7% of the Company. The remaining 5.3% is held by Crystal Crop Employee Welfare Trust.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Established in 1994, Crystal Crop Protection Limited (the “company”) is an agrochemical company in India which, along with its two subsidiaries i.e., Modern Papers and Nexus Crop Science Private Limited, is engaged in the technical manufacturing, formulation and marketing of agrochemical products such as insecticides, fungicides, herbicides, and plant growth regulators / micro-nutrients. The company has: two (2) operational Active Ingredients (AI) Manufacturing Plants in Nagpur (Maharashtra) and Nathupur (Haryana); one (1) greenfield AI Manufacturing Plant at Dahej (Gujarat) under construction; four (4) operational Formulation Plants located at Jammu (CCPL Jammu and Modern Paper in Jammu & Kashmir), Nathupur (Haryana) and Nexus Crop Science Plant at Anand (Gujarat). In addition, the company also has four (4) regional distribution centres (located at Kundli, Hyderabad, Kolkata and Indore) and a total of 29 retail warehouses located across India. The company exports agrochemicals to multiple countries, though currently this constitutes only about 3% of revenues. The company operates across two major business segments: i) the brands (B2C) segment where the company sells formulations as branded products to ~10,000,000 farmers through distribution partners with a portfolio of ~70 brands for various crops (Paddy, Cotton, Soyabean, Sugarcane, Wheat, Vegetables, Fruits and Pulses) utilizing a pan-India distribution network consisting of approximately 5,000 distributors; 30+ distribution centres; and ~25,000 retailers; and ~ 1,000 farm advisors who directly contact ~500,000 farmers and ii) institutional (B2B) where the company manufactures and sells 60+ products such as active ingredients, bulk products and pack-to-pack products to 100+ institutional customers.

Contact Information
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