UPL to acquire 100 per cent stake in IBC

UPL Corporation Limited, a wholly-owned subsidiary of UPL Limited, announced its decision to acquire 100 per cent of the shares of Industrias Bioquim Centroamericana Sociedad Anonima (IBC) and a cluster of group companies, collectively known as the Bioquim Group. 

The company has already signed a definitive agreement for the same, by means of which the stake will be acquired either directly or through its subsidiaries. The transaction will be closed upon meeting the routine closing conditions and regulatory approvals like receiving antitrust approval in Costa Rica. 

IBC operates in the agricultural solutions industry. The Bioquim Group is involved in producing, selling and marketing of agrochemicals and crop protection products in Costa Rica and in several countries across the Caribbean and Central American regions. 

The purpose of the acquisition, which is scheduled for completion in the first half of the calendar year 2019, is to enhance UPL’s market share in these regions. The combined products of UPL and Bioquim will facilitate the availability of the best solutions to farmers. 

On Wednesday, the shares of UPL opened at Rs. 762.00 per share, and hit a high and low of Rs. 777.00 per share and Rs. 760.25 per share, respectively. At 12:03 pm, the stock was trading at Rs. 774.45 per share, up 1.93 per cent.