Bunge to acquire 33% stake in UPLs subsidiary, Singaro

20 Jan 2022 , 11:30 AM

Sinagro is a major reseller of grains and agricultural products with a significant presence in Brazils Cerrado savanna region. Bunge is a major player in sourcing, processing and supplying oilseed and grain products and ingredients. The deal announced is subject to approval by Brazils antitrust body, Conselho Administrativo de Defesa Econ?mica (CADE).

Sinagro has a network of more than 30 stores and warehouses, and a footprint across seven Brazilian states (Mato Grosso, Mato Grosso do Sul, Goi?s, Bahia, Tocantins, Par? and Minas Gerais), Sinagro is strategically positioned to support suppliers and final customers alike.

Sinagro was one of the first signatory companies to join Bunges Sustainable Partnership launched in 2021, whereby Bunge helps grain resellers set up socio- environmental assessment systems for suppliers – including satellite monitoring – at the farm level. The program participants can adopt independent geospatial imaging services or use Bunges structure at no cost.

On a consolidated basis, UPLs net profit jumped 36.9% to Rs 634 crore on a 18.2% surge in net sales to Rs 10,567 crore in Q2 September 2021 over Q2 September 2020.

Shares of UPL lost 0.20% to Rs 811.25 on BSE. UPL is a global provider of sustainable agriculture products & solutions. Through OpenAg, UPL is focused on facilitating progress for the entire agricultural value chain.

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