UPL Ltd. (NSE: UPL & BSE: 512070 LSE: UPLL) ('UPL'), a global provider of sustainable agricultural solutions, today announced that its company, Advanta Seeds UK, and Bunge (NYSE: BG) have signed an agreement to acquire a 20% stake each in SEEDCORP|HO.
This intended investment is part of UPL Group's OpenAg® purpose to drive collaboration to offer a complete package of solutions for farmers. It also underscores the company's commitment to supporting every stage of the agricultural process, from sowing to post-harvest.
Bhupen Dubey, CEO of Advanta Seeds said: "As we continue to grow our global footprint, this investment will not only expand our market access in Brazil but also strengthen our product portfolio as SeedCorp|HO is Brazil's third largest Soybean Germplasm company".
Through the agreement, Bunge intends to expand its barter portfolio to reinforce its grain sourcing position in Brazil.
Rossano de Angelis Jr, Vice President of Agribusiness at Bunge, said: "With this transaction we will further solidify the relationship with our partners during harvest planning. Combined with our technical expertise and market knowledge, we will be able to advise on the adoption of seed varieties that best meet demand, including meeting the demand for more sustainable solutions with a focus on reducing the carbon footprint of the entire growing process."
The deal also expands the portfolio of products and services to be offered by Orígeo, a recently announced joint venture between Bunge and UPL, which will provide complete and sustainable solutions for farmers in Brazil.
Mário Sérgio Carvalho, CEO of SEEDCORP|HO, said: "SEEDCORP|HO has achieved strong results over the last few years, and the partnership with Bunge and UPL's Advanta Seeds has the potential to further strengthen our growth strategy thanks to our robust portfolio and R&D capacity for seed production."
SEEDCORP|HO was established in partnership between GDM, Produtiva Sementes, and Sipar. The agreement with Advanta Seeds and Bunge is subject to customary precedent conditions agreed by the parties, including approval from competent Antitrust Agencies.
Shares of UPL Limited was last trading in BSE at Rs. 767.30 as compared to the previous close of Rs. 770.45. The total number of shares traded during the day was 43153 in over 2280 trades.
The stock hit an intraday high of Rs. 772.00 and intraday low of 762.30. The net turnover during the day was Rs. 33070674.00.