UPL has acquired 26% stake in Weather Risk Management Services (WRMS) for cash consideration of about Rs 10 crore. The Company has signed an agreement with WRMS, the promoters of WRMS and the subsidiary of WRMS, namely, INGEN Technologies (INGEN), whereby UPL will subscribe to 37,681 equity shares constituting 26% share capital (on fully diluted basis) of WRMS. The formalities related to the acquisition will be completed within 90 days.
This collaboration will help UPL in providing farm services and, precision fanning solutions and several other value added services to farmers. UPL would leverage on technology platform developed by WRMS, to strengthen its relationship with farmers.
UPL (formerly United Phosphorus) is global player of crop protection products has customer base in 123 countries. It has subsidiary offices in Argentina, Australia, Bangladesh, Brazil, China, Canada, Denmark, Indonesia, France, Hong Kong, Japan, Korea, Mauritius, Mexico, New Zealand, Russia, Spain, Taiwan, South Africa, USA, UK, Vietnam and Zambia.