United Phosphorus acquires 51% stake in Brazil's DVA Agro for $150 mn
The company has acquired a 51% stake in DVA Agro Do Brasil from Germany's DVA Group and other shareholders, UPL said in a statement.
By PTI |
MUMBAI: Agro-chemicals major United Phosphorus Ltd (UPL) on Monday announced it has acquired 51% stake in Brazilian company DVA Agro Do Brasil for $150 million (about Rs 663 crore).
The company has acquired a 51% stake in DVA Agro Do Brasil from Germany's DVA Group and other shareholders, UPL said in a statement.
The balance 49% would continue to be held by the existing shareholders, it added. DVA Agro Brasil, with a net revenue of $130 million in 2010, is engaged in the production and marketing of crop protection products. It has a formulation plant in Brazil and is undergoing expansion.
"UPL's acquisition of 51% will be against an immediate cash outlay of $150 million, which will be accomplished through infusion of funds in DVA Agro Brasil and secondary purchase of shares from the existing shareholders," the statement said.
The company has acquired a 51% stake in DVA Agro Do Brasil from Germany's DVA Group and other shareholders, UPL said in a statement.
The balance 49% would continue to be held by the existing shareholders, it added. DVA Agro Brasil, with a net revenue of $130 million in 2010, is engaged in the production and marketing of crop protection products. It has a formulation plant in Brazil and is undergoing expansion.
"UPL's acquisition of 51% will be against an immediate cash outlay of $150 million, which will be accomplished through infusion of funds in DVA Agro Brasil and secondary purchase of shares from the existing shareholders," the statement said.
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