UPL sells entire stake in Brazilian agrochemical JV for $59M
In 2011, UPL acquired 50 per cent stake in Sipcam Isagro Brazil from Isagro which was the joint venture between two Italian firms—Sipcam-Oxon group and Isagro. Post that, it got renamed as Sipcam UPL Brasil SA.
Sipcam held the remaining 50 per cent in the JV and post the latest deal, it will own 100 per cent of Sipcam UPL Brasil SA.
The transaction is expected to be completed by June 2014 and will help UPL release funds for new opportunities and meet growing business requirements. It will also help UPL to have more focused approach for Brazilian agrochemical market, one of the largest in the world.
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