UPL completed 50% stake sale in Sipcam UPL Brasil

The company has announced complete 50% stake sale in the Brazillian agrochemical company Sipcam UPL Basil S.A. In April this year, the company's overseas subsidiary entered into an agreement with Sipcam to divest its entire stake to Sipcam S.P.A. for a gross consideration of US$58.5mn (around Rs. 351cr).

Sipcam is the current 50% 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% and Sipcam UPL Brasil S.A., wherein UPL has 50% 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.