UPL completes acquisition of 20% stake remaining in Indonesia's PT Excel Meg Indo for $6.85 million

Agrochemicals major UPL Ltd on Tuesday (August 27) said UPL Global Ltd (UGL), a step-down subsidiary of UPL Corporation Ltd, has completed the acquisition of the remaining 20% stake in PT Excel Meg Indo, an Indonesian company involved in the agrochemical sector.

"In this regard, we would like to inform that we have received an intimation from UGL today i.e. 27th August 2024 about the completion of the acquisition of the balance 20% stake in PT Excel," a stock exchange filing read.

This acquisition, valued at approximately $6.85 million, was finalised on August 27, 2024. With this transaction, UGL now holds a 99.99% stake in PT Excel, while another UPL subsidiary, UPL Europe Ltd, holds a minor 0.0002% stake.

PT Excel, based in Jakarta and incorporated in 2006, operates in importing and distributing agrochemicals, seeds, fumigants, and fertilisers across Indonesia.

The acquisition is part of UPL's strategic expansion in Southeast Asia, capitalising on PT Excel's strong market presence in the region. Over the past two financial years, PT Excel reported a turnover of approximately ₹270 crore in FY 2023-24 and ₹325 crore in FY 2022-23.

This transaction does not fall under related party transactions, as the sellers are unrelated to UPL or its promoter group. Additionally, no regulatory or governmental approvals were required for the acquisition.