UPL sells stake in Brazilian JV to Italy's Sipcam

UPL Ltd (formerly United Phosphorus Ltd) has agreed to sell its 50% stake in the Brazilian agrochemical company, Sipcam UPL Brasil S.A., to its JV partner, Italy's Sipcam S.p.A, for $ 58.90 million (approximately Rs 351 crore).
 
This will be the major divestment by UPL and the entire process is expected to be completed by June 2014, subject to necessary approvals. "This divestment will release the funds to the company which will be available for new opportunities and meet growing business requirements. It will also help UPL to have more focused approach for Brazilian agrochemical market which is one of the largest agrochemicals market in the world," said a UPL press release.
 
Currently, UPL has its major presence in Brazil through two companies - Sipcam UPL Brasil S.A. and UPL do Brasil Industria e Comerciode Insumos Agropecuarios S.A (in which UPL has recently raised its stake to 73%).