New Delhi, Apr 4 (IANS): Agri chemicals company Indofil Industries has acquired majority stake in Italy-based crop protection and plant nutrients company Agrowin Biosciences, a statement from Indofil said.

The companies, however, did not disclose the amount of money involved in the deal.

Indofil Industries is headquartered in Mumbai and belongs to the K.K. Modi Group of Companies.

Commenting on the acquisition, R.K. Malhotra, Group CEO, Indofil Industries said: "This acquisition gives us a firmer and sustainable position in the Italian market and provides a good platform for launching several new and exciting products in the coming year."

The Italian agro-chemical market is currently the third-largest in Europe with market size of $1.2 billion. With its varied climatic zones Italy grows large number of crops like vines, fruits vegetables and cereals sugar beet, to name a few. Fungicides are the most important crop protection segment in Italy.