UPL Ltd., formerly known as United Phosphorus Ltd., through its overseas subsidiary has completed the transaction to sell its entire stake of 50 percent in the Brazilian agrochemical company Sipcam UPL Brasil S.A. to Italian company Sipcam S.p.A.
In April this year, the company's overseas subsidiary entered into an agreement with Sipcam to divest its entire stake in Sipcam S.p.A. for a gross consideration of $58.50 million (around Rs.351 crore). Sipcam is the current 50 percent joint venture partner with UPL in Sipcam UPL Brasil S.A.
UPL has its major presence in Brazil through two companies, namely, UPL do Brasil Industria e Comerciode Insumos Agropecuarios S.A., wherein UPL has recently raised its stake to 73 percent and Sipcam UPL Brasil S.A., wherein UPL has 50 percent stake, and this has been fully divested now.
The funds realized from the stake sale will be utilized 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.
At the BSE, UPL closed Thursday's trading at Rs.323.30, up 3.37 percent from the previous close.
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