UPL hikes stake in SinAgro Group, Brazil

UPL announced that the Company and SinAgro Group, a Brazilian company in the state of Matto Grosso, comprising of (i) SinAgro Produtos Agropecuios S.A and (ii) 3SB Produtos Agrolas S.A. have obtained necessary approval for an agreement. And UPL has consequentially completed a transaction in terms of the agreement in which UPL through its step down wholly owned subsidiary to subscribe to additional 9% shares in SinAgro Group, so as to increase its interest in the Sinagro Group share capital from 40% to 49% ('Transaction').

SinAgro Group based out of Primavera de Leste in the state of Mato Grosso, is one of the leading distributors of farm inputs in the Cerrado region of Brazil and is also in the business of agricultural production and trading of grains. Brazil has the largest Soybean agrochemical market in the world and state of Mato Grosso is the leading Soybean producing state in Brazil.