Descon diversifies into the agricultural sector; invests in two agri-tech businesses

BusinessDescon diversifies into the agricultural sector; invests in two agri-tech businesses

LAHORE, Pakistan: Descon is one of the largest conglomerates in Pakistan’s key sectors including Construction, Power-generation, and Chemicals. In its continuing endeavor to spur economic growth in Pakistan, Descon has signed an investment agreement to acquire shareholding in two dynamic enterprises – ‘Vital Agri Nutrient’ (VAN) and ‘Vital Green’ (VG), as part of its strategy to diversify into the Agricultural sector, which is undoubtedly the backbone of Pakistan’s economy.

Both the companies will benefit from this strategic alignment with an enterprising entity, utilizing the resources and expertise at Descon’s disposal to achieve the next phase of their growth. Descon seeks to support these two companies and other such businesses in building technology and infrastructure to organize, empower and enhance the quality of lives of millions of Agri value chain participants in Pakistan. In the initial phase, Descon will support VAN and VG in unlocking their growth potential, while synchronizing the supply-chain for value-addition.

   

Descon Vice-Chairman, Faisal Dawood expressed his pleasure on this alliance, stating, “These strategic investments validate the impact that Vital Agri Nutrient and Vital Green have had so far in agriculture and Descon will assist them in enhancing their impact by providing the required strategic, financial and governance support. We have ventured into this space to disrupt outdated farming methods and redundant practices in agriculture value chains, and aspire to create economic opportunities for all those involved in this sector. We look forward to investing in similar ventures to further our agri vision.”

Agriculture is the single largest sector in Pakistan, but unfortunately, over the past many years, it has received inadequate developmental support, leaving it with near stagnant productivity. Descon’s venture into this area will enhance access of farmer communities to updated knowledge, innovative technologies, trainings, expert advice and financial resources, while positively impacting the larger community through effective partnerships leading to food-security and improved livelihoods.

VAN and VG CEO, Ahmed Umair said, “We aspire to improve the quality of life for millions of farmers to responsibly feed the world and protect the planet.  In partnership with Descon we are creating synergies and we will together grow knowledge to fulfill our vision of an inclusive and collaborative society without hunger and the planet being treated in sustainable manners. We find Descon aligned with our values and vision for the future of the agricultural sector.  With continuous research and development, we are catering to the diverse needs of the agriculturists, achieving higher yields and enhancing the quantity and quality of food and nutrition available to the nation. We look forward to Descon’s stewardship to become an international company within a decade.

Food security, limited farmland and depleting soil resources are the challenges that drive us.”

‘VAN’ is a leading manufacturer of specialty-fertilizers, soil-amendments and bio-fertilizers and has been in the business for 12 years, achieving one of the largest production-capacity for water-soluble fertilizers in Pakistan. It works closely with its farmers and corporate customers to deliver value added innovative solutions VAN has also developed customized, crop specific and area specific, crop nutrition plans, with reduced environmental impact.

‘VG’ provides access to credit, quality-Inputs, actionable knowledge, digital tools and market outreach for farmers. It has one of the largest company-operated networks of service-centers all over Pakistan. The company is already working with thousands of farmers and have a structured approach of collaboration with digital, financial, value chain partners. VG serve across more than a dozen value-chains, including sugarcane, rice, wheat, maize, banana, chili and tomatoes.

Must read

Recent News

Gold Price in Pakistan Today – 22 April 2024

0
On Monday (April 22, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 243,700.000.It's important to note that gold...

US’s sanction on entities supplying items to Pakistan’s missile program concerning: PTI

0
Urges govt to bring facts about US’s move before nation forthwith Vows any attempt to endanger national security, defense intolerableISLAMABAD, Pakistan: Pakistan Tehreek-e-Insaf...

Pakistan envoy attends Opening Ceremony of 41st Weifang International Kite Festival

0
WIFANG, China: Pakistan’s Ambassador to China Khalil Hashmi attended the Opening Ceremony of the 41st Weifang International Kite Festival held in Weifang on April...

Passing Out Parade of Cadets held at PMA Kakul

0
The Passing Out Parade of Cadets of 149th PMA Long Course, 14th Mujahid Course, 68th Integrated Course and 23rd Lady Cadet Course was held...

Aurangzeb meets AIIB President & IFC Managing Director in Washington DC

0
WASHINGTON DC: The Finance Minister Muhammad Aurangzeb met with the Asian Infrastructure Investment Bank (AIIB) President Jin Liqun on the sidelines of the World...
Advertisement