UPL’s UK arm acquires 49% stake in Thailand’s Grow Chemical

UPL Global Limited, the UK-based step-down subsidiary of UPL Limited, has signed a share subscription agreement to acquire a 49% stake in Thailand-based Grow Chemical Co Ltd.The investment involves a cash infusion of $0.76 million into fresh equity capital of Grow Chemical, UPL said in a filing to stock exchanges. The acquisition is expected to be completed on or before December 31, 2025, subject to closing conditions.

Founded in 2011 as a wholly-owned subsidiary of Baka Company Ltd, Grow Chemical is engaged in sourcing and selling chemicals, fertilisers, and agricultural products, including herbicides, insecticides, fungicides, and plant nutrients. The company reported revenues of $7.4 million in FY24, down from $8.8 million in FY23 and $9.5 million in FY22.

UPL said the strategic partnership between UPL Global and Baka aims to strengthen innovation and provide sustainable agricultural solutions for Thai farmers. The focus will be on joint R&D, distribution, and marketing, with an emphasis on expanding the product portfolio and regulatory registrations in line with Thailand’s agricultural development goals.The shares of UPL Ltd ended 1.6% in the green in the session on Monday, September 1. The stock has fallen 45.25% on the year so far.

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