MUMBAI: Agrochemicals major UPL NSE 1.17 %, which has been on an acquisition spree in recent years, has announced yet another deal, involving Yoloo (Laoting) Bio- technology, a Chinese agrochemicals firm, for a reported consideration of around Rs 95 crore.
In July 2018, the city-based company had announced its largest acquisition of the US-based Arysta LifeScience for USD 4.2 billion, catapulting it among the top five agrochemicals players globally with over YSD 5 billion in combined revenue and around USD 1 billion in pretax profit.
The deal with the Chinese company will be executed through one of UPL's Hong Kong subsidiaries, a statement from UPL said on Monday.
UPL will acquire 100 percent shares of Laoting Yoloo based in the Heibei province for an undisclosed amount and in turn will issue 25 percent shares of its Hong Kong subsidiary to Beijing Yoloo.
But UPL source said they will USD 13.3 million or around Rs 95 crore for the deal.
Laoting Yoloo has over 100 product registrations, about 1,200 distributor contacts and over 240 employees.