UPL acquires balance 20% stake in Indonesia’s PT Excel Meg

28 Aug 2024 , 02:55 PM

On Tuesday (August 27), agrochemicals firm UPL Ltd said that UPL Global Ltd (UGL), a step-down subsidiary of UPL Corporation Ltd, had completed the acquisition of the remaining 20% ownership in PT Excel Meg Indo, an Indonesian agrochemical company.

In this regard, we would like to notify you that we received an update from UGL today, August 27th, 2024, on the completion of the acquisition of the remaining 20% interest in PT Excel, according to a stock exchange filing.

This acquisition, valued at roughly $6.85 million, was completed on August 27, 2024. With this deal, UGL currently owns 99.99% of PT Excel, with UPL Europe Ltd holding a small 0.0002% share.

PT Excel, headquartered in Jakarta and founded in 2006, imports and distributes agrochemicals, seeds, fumigants, and fertilisers throughout Indonesia.

The acquisition is part of UPL’s planned expansion into Southeast Asia, leveraging PT Excel’s strong market position in the area. PT Excel had a turnover of about ₹270 Crore in FY 2023-24 and ₹325 Crore in FY 2022-23.

This transaction does not come under related party transactions because the sellers are unaffiliated to UPL or its promoter group. Furthermore, no regulatory or government permits were necessary for the transaction.

At around 2.49 PM, UPL was trading 0.83% lower at ₹578.10, against the previous close of ₹582.95 on NSE. The counter touched an intraday high and low of ₹585.90, and ₹575.55, respectively.

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