Key Takeaways
- FMC Corporation has agreed to sell its India commercial crop protection business to Crystal Crop Protection Limited for $252 million, following a divestiture decision announced in July 2025.
- Crystal Crop Protection will acquire FMC India's commercial operations, a license to FMC's Indian brands, and a preferred supply agreement for certain active ingredients and formulated products.
- Crystal Crop Protection will also receive preferred access to FMC's pipeline of active ingredients in India for the crop protection field.
- The company intends to apply all sale proceeds to debt reduction and will retain global R&D activities and manufacturing operations in India.
- The deal is expected to close by the end of 2026; the company will continue to receive cash generated by the India business until closing.
FMC Corporation Agrees to Sell India Commercial Business
FMC Corporation (NYSE: FMC), a global agricultural sciences company, has signed a definitive agreement to divest FMC India Private Limited to Crystal Crop Protection Limited, an Indian crop solutions company, for $252 million USD subject to customary adjustments for cash, debt, and working capital. The transaction is expected to close by year-end 2026, pending regulatory approval, with proceeds earmarked entirely for debt reduction.
Transaction Background and Strategic Rationale
FMC first announced its intention to exit the India crop protection commercial market in July 2025, citing a desire to redirect capital toward its highest-growth global opportunities and adopt a new go-to-market model for the Indian market. The sale to Crystal Crop Protection Limited executes on that strategy. FMC will continue to generate cash from the Indian business through the closing date, primarily via working capital monetization.
Rather than exiting India entirely, FMC will maintain a presence through its global R&D operations and manufacturing facilities in the country, and will supply Crystal Crop Protection with active ingredients and formulated products under a preferred supply agreement.
“Crystal Crop Protection Limited is well-positioned to serve Indian farmers with FMC's portfolio of innovative technologies, and we look forward to supporting their growth through our supply agreement,” said Pierre Brondeau, FMC chairman, chief executive officer and president. “FMC remains committed to India and will continue to conduct global R&D activities and maintain global manufacturing operations in the country.”
What Crystal Crop Protection Acquires
Under the terms of the agreement, Crystal Crop Protection will take over FMC India's commercial operations along with a license to use FMC's established brands in the Indian market. The buyer also gains preferred access to FMC's pipeline of future active ingredients for crop protection in India and will welcome the company's Indian existing workforce into its organization.
“We are excited on signing this definitive agreement to acquire this business of FMC in India. We look forward to welcoming a talented workforce into the Crystal group and aim at accelerating innovation across both chemical and biological domains of crop protection. FMC's innovative portfolio, blockbuster brands and future pipeline give us an opportunity to provide Indian farmers access to innovative products,” said Ankur Aggarwal, chairman and managing director of Crystal Crop Protection Limited.
FMC Corporation's Advisers on the Transaction
BofA Securities acted as exclusive financial adviser to FMC, with Davis Polk & Wardwell LLP serving as U.S. legal counsel and Khaitan & Co providing legal advice in India. On the buy side, EY acted as exclusive M&A adviser to Crystal Crop Protection Limited, with Shardul Amarchand Mangaldas & Co serving as legal adviser. Further financial terms were not disclosed.
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