Reacting to the development, Mr. Rajesh Aggarwal, Managing Director, Insecticides (India) Ltd, said, “We believe in R&D at Insecticides India Limited and have been working on it since inception, and we keep on innovating and filing patents in various segments to protect our innovations. We have several R&D centers working on different themes, and these two patents that have been granted are the results of dedication and hard work of IIL’s joint venture with OAT Agrio Co., Ltd. IIL has a total of 17 granted patents in the country and more than dozen patents are also in process. Innovation, patent filings and product registrations are ongoing processes that our R&D centre is continuously working on in order to provide latest and innovative technologies for our farmers. We are optimistic that our patented agrochemical compounds, as well as the other products which are currently in development, will assist our farmers in better crop protection and increasing their yields.”
It is a bit too early to estimate the revenue from these patents as these products have to go through a rigorous registration process as these two novel compounds have been invented for the very first time in the world. The company has already begun working upon developing various new end products for our farmers based on these novel compounds, and they are expected to be launched by 2026-27.
“Our profits will continue to grow year after year as new products are introduced to the market. We’ve launched a slew of new products this year, as well as completed our expansion. Despite the fact that raw material prices have risen and we now have to sell them, the market has shown a high level of acceptance of the prices, and we expect our margins to grow with new products added to the kitty.,” adds Mr. Aggarwal.
The new products will also go in the international markets under an agreement between OAT Agrio and IIL, with OAT marketing them in some territories and IIL marketing them in others.