United Phosphorus Ltd (UPL) has completed the acquisition of a 50 per cent stake in Brazilian agrochemicals maker Sipcam Isagro Brazil SA.
UPL had, last month, entered into an agreement to acquire the 50 per cent stake in Sipcam Isagro Brazil (SlB) owned by Italian company Isagro, a company filing with the Bombay Stock Exchange (BSE) showed.
Sipcam Isagro Brazil is a 50:50 joint venture between Sipcam-Oxon group (Sipcam) and Isagro. The transaction was done through its Brazilian subsidiary, UPL said in its stock exchange filing.
The stake sale will result in Isagro exiting the joint venture while Sipcam will continue to hold 50 per cent along with UPL holding 50 per cent.
SIB based out of Uberaba, Minas Gerais in Brazil, has a formulation plant in Brazil with capabilities in various formulation types for crop protection products.
"UPL is very pleased to announce its well thought-through entry into Brazil, it is a $7-billion market ranking amongst the top 5 largest crop protection markets in the world.