UPL has purchased through its step down wholly owned subsidiary, 33.33% shares in the capital of Serra Bonita Semetes S.A., a Brazilian company located in City of Buritis, State of Minas Gerais ('Serra Bonita') from SinAgro Produtos Agropecuários S/A, a Brazilian company ('Sinagro').
Serra Bonita is engaged in producing high quality seeds through innovation and has local expertise in Brazil. Serra Bonita is expanding its seed processing business by building various seed processing units in Brazil. UPL, through its step down subsidiary in Brazil, having seed operations, is engaged in development of modem technologies and solutions through its research and development stations for producing high quality seeds.
The transaction will lead to establishment of new synergies between UPL and Serra Bonita for the production and innovation of the high quality seeds consequentially enabling UPL to expand and explore the opportunities and enlarge territories in the seed production and innovation domain in Brazil.
UPL (formerly known as United Phosphorus) is global player of crop protection products has customer base in 123 countries. It has subsidiary offices in Argentina, Australia, Bangladesh, Brazil, China, Canada, Denmark, Indonesia, France, Hong Kong, Japan, Korea, Mauritius, Mexico, New Zealand, Russia, Spain, Taiwan, South Africa, USA, UK, Vietnam and Zambia.