Mumbai, Feb. 14
UNITED Phosphorus Ltd (UPL) has announced that it has acquired a seeds company called Advanta Netherlands Holdings BV for a total consideration of 100 million euros.
UPL has acquired this company through its subsidiary in Mauritius.
"With this acquisition, UPL is transforming itself from a crop protection company into an integrated bioscience company," said Mr Aditya Sanghi, Country Head (Investment Banking), Yes Bank, which managed the deal.
Advanta's presence in Argentina, Australia, and Thailand (apart from India) provides UPL with an international platform.
It has a significant presence in these countries, Mr Sanghi said.
It would also help UPL consolidate its position in crop protection and bioscience and facilitate it to look at more acquisitions.
Advanta is a leading supplier of seeds and seed technologies to major global and regional markets, providing added value to farmers, downstream industries, and consumers by combing superior genetics with essential technologies and techniques.
"Advanta's R&D consists of superior breeding programs and bioscience techniques that have driven the development of a portfolio of elite, proprietary, and highly differentiated germplasm," said UPL in a notice to the BSE.
The acquisition will be effective from February 14, 2006.