UPL rises 2% as Mauritius subsidiary buys agrochemical company in Costa Rica

After buying agrochemical company in Costa Rica by the subsidiary, UPL shares gained more than 2 percent intraday Wednesday.

UPL Corporation (Mauritius), the wholly owned subsidiary of the company, has signed a definitive agreement to acquire directly or through its subsidiaries 100 percent of the shares of Bioquim Group which has annual business is in excess of $20 million.

Companies, which are part of acquisition, are based at Costa Rica, Nicaragua, Panama, Dominican Republic; and Guatemala.

Bioquim Group is engaged in the business of producing, selling and marketing of agro-chemicals and crop protection products in Costa Rica and certain countries in the Caribbean and Central American Region.

The deal is expected to be completed in first half of calendar year 2019.

Bioquim Group sells its products in Costa Rica, Nicaragua, El Salvador, Honduras, Panama, Dominican Republic and Cuba. Its annual turnover from the fiscal year 2015 to fiscal year 2017 was in the range of about $18 million to $21 million.

At 12:00 hours IST, the stock was quoting at Rs 774.05, up Rs 14.30, or 1.88 percent on the BSE.

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