Agrochemical firm UPL Friday said it has acquired 26.75 per cent stake in Allfresh Supply Management for Rs 9.24 crore in an all-cash deal.
The deal will be completed by May 20, 2019 and will be subject to compliance of certain conditions, UPL said in a filing to the BSE.
"UPL Ltd has invested Rs 9,24,99,283 in Allfresh Supply Management Pvt Ltd constituting 26.75 per cent (on fully diluted basis) in the paid-up share capital of Allfresh," the filing said.
Allfresh is primarily engaged in procuring and supplying fresh produce (specifically fruits) to its customers after appropriate post-harvest management activities.
According to UPL, the acquisition of Allfresh will help the company in growing the post-harvest market in the country. It would also help in leveraging the association of Allfresh with farmers and strengthen the relationship, the company said.
UPL has advanced technology and know-how in the post-harvest segment which can be utilised efficiently by the customers of Allfresh, it added.