UPL increases stake in its Brazilian unit

UPL Ltd (formerly United Phosphorus Ltd) has increased stake in its Brazilian company, UPL do Brasil Industria E Comercio de Insumos Agropecuarios S.A, to 73% from 51%. The company has informed BSE that UPL Ltd through its step down wholly-owned subsidiary has acquired further shares out of the fresh issue of shares issued by UPL do Brasil and accordingly increased its stake in UPL do Brasil from 51% to 73%. The balance 27% are held by other existing shareholders.
 
UPL do Brasil is engaged in the production, marketing, selling and distribution of crop protection products and specialties in the Brazilian agrochemicals market. It has a formulation plant in Brazil with expansion plans currently under execution to build capabilities in different crop protection product categories.
 
UPL do Brasil was formerly known as DVA Agro Do Brasil, in which UPL Ltd had acquired 51% stake in July 2011 from DVA Group, Germany, and other shareholders.