UPL Ltd. (NSE: UPL & BSE: 512070 LSE: UPLL) ('UPL') a global provider of sustainable agricultural solutions, today announced a new collaboration with Oro Agri, a Rovensa company, for the co-distribution and further development of Orange Oil, a biosolution effective against a wide range of pests and diseases.
Orange Oil was developed by Oro Agri as a residue free biosolution with fungicidal, insecticidal, and acaricidal functions, as well as excellent adjuvant properties. Already registered in over 30 countries and with more than 140 crop and pest combinations, Orange Oil now joins Natural Plant Protection - NPP's biosolutions portfolio, further enabling farmers to embrace more sustainable agriculture.
From 2023, UPL will co-distribute Oro Agri's 60 g/L solo Orange Oil bioprotection formulation. Oro Agri will continue to supply existing customers directly while UPL will use its global distribution network to access new markets and build a wider customer base. UPL and Oro Agri will also collaborate to develop, register and market new and existing Orange Oil formulations to offer growers around the world access to the latest, most effective, and sustainable crop protection biosolutions. The agreement is part of UPL's OpenAg® commitment to build a collaborative global network within the industry and beyond.
Eric van Innis, CEO of ROVENSA said, "This collaboration agreement with UPL will allow the rapid development of one of our flagship products across the globe, maintaining our distribution in markets where we already have presence and strengthening our footprint in new potential markets, optimizing the combined regulatory and intellectual property of both UPL and Rovensa. Both parties share the same mission: contributing to feed the planet through sustainable agricultural inputs for a well-balanced agriculture."
Mike Frank, President and COO at UPL, said: "We look forward to collaborating with Oro Agri to evolve Orange Oil with more applications, combining our expertise to benefit growers. Orange Oil will join our ProNutiva® programme, working in synergy with NPP's other biosolutions and UPL's conventional inputs to improve farmers' efficiency and profitability while reducing environmental impacts."
Orange Oil and the collaboration between UPL and Oro Agri reflect the growing strength and opportunities of the global biosolutions market.
Shares of UPL Limited was last trading in BSE at Rs. 788.45 as compared to the previous close of Rs. 788.45. The total number of shares traded during the day was 50899 in over 2347 trades.
The stock hit an intraday high of Rs. 804.15 and intraday low of 786.45. The net turnover during the day was Rs. 40366896.00.