Story:Kilpest India Ltdis an established 40-year old Agri-input company,manufacturing & selling a range of crop-protection products like pesticides (including bio-pesticides), micro-nutrients & bio-fertilizers.The company has a product portfolio of about 50 different products which it sells through a nationwide distribution network of over 2000 dealers. The "Kilpest" brand is well established in the north, particularly Madhya Pradesh, and in some areas it is even used generically by farmers when they wish to ask for pesticides in general.In 2010, Kilpest identified molecular diagnostics as a future growth-driver, and tied up with a leading Spanish Biotechnology company M/S Biotools B&M Labs S.A - focussed on molecular biology & diagnostics - and it's spin-off company 2B Blackbio S.L - a biotech company focused on Personalized medicine, nutrigenomics , pharmacogenomics & companion diagnostics - to form a new joint venture company 3B Blackbio Biotech India Ltd.3B Blackbio Biotech India Ltd intends to lead the research and development of new tools in the field of personalized medicine, medical diagnostics, pharmacogenomics, as well as provide diagnostic tests to predict drug treatment effectiveness (Companion Diagnostics) and enter the field of nutrigenomics.Kilpest India thanks to its couple of JV's now operates in 2 exciting spaces :1)Agriculture, focusing on crop-protection protection products , both chemical-based & biological (chemical free).2) Healthcare, with special focus on molecular diagnostics , nutrigenomics & personalized medicine.The humungous potential of both these segments need not be explained. Rather, what needs to be closely watched is the company's growth plans, execution skills & also it's ability to raise the funds required to propel growth.Hitherto, the company has been rather conservative & has not chased growth aggressively, but this is expected to change going forward, with the 2nd generation of promoter management now effectively at the helm. If Kilpest India can optimally execute it's growth plans going forward, it can deliver excellent returns to it's shareholders over the medium to long term.But crucial to shareholder returns will also be how & by what route the company is able to raise the funds it requires for it's expansion, especially in the new line of business which is a high margin business. Any substantial equity dilution will dilute shareholder returns.Keeping this in mind, the author recommends investors to closely study & track this company going forward, and take an appropriate call based on their conviction in this idea, after proper study.