Agro-chemicals major UPL Ltd, formerly United Phosphorus Ltd, today said it has completed acquisition of 40 per cent stake in Brazilian firm Sinagro Group for an undisclosed amount.
Sinagro is into distribution of farm inputs in Cerrado region of Brazil.
"UPL Ltd, through its step down wholly owned subsidiary, has completed the transaction to acquire 40 per cent in the Sinagro Group, a Brazilian company in the state of Mato Grosso," the company said in a regulatory filing.
The transaction, which was announced in March, was subject to necessary approvals, which have now been received.
Mumbai-based UPL had in March stated that the stake in Sinagro offers it an opportunity to participate in the multifaceted distribution system of products and services in delivering completed crop solutions to Brazilian farmers.
Also in March, it had increased its stake in Brazilian firm UPL do Brasil Industria E Comercio de Insumos Agropecuarios SA (UPL do Brasil) from 73 per cent to 100 per cent by acquiring the balance 27 per cent shares from its existing shareholders.
UPL do Brasil, based out of Campinas in the state of Sao Paulo in Brazil, is engaged in the production, marketing, selling and distribution of crop protection products and specialities in the Brazilian agrochemicals market.
"This consolidation will help UPL to have a more focused approach into the Brazalian crop protection market, the largest and one of the fastest growing crop protection markets in the world," the company had said in March.
UPL had in 2011 acquired a 51 per cent stake in UPL do Brasil, then known as DVA Agro Do Brasil, from Germany's DVA Group and other shareholders for USD 150 million. It later raised the stake to 73 per cent.
Company shares closed 0.52 per cent down at Rs 535.15 on the Bombay Stock Exchange (BSE).
