UPL and Sinagro Produtos Agropecuarios (Sinagro) announced their agreement whereby UPL through its step down wholly owned subsidiary will be subscribing to 40% shares in Sinagro group, a Brazilian company in the state of Mato Grosso.

The closing of this transaction is subject to necessary approvals. This partnership will open up opportunities to UPL to actively participate in the multifaceted distribution system of products and services in delivering complete crop solutions to Brazilian farmers.

Shares of the company gained Rs 5.5, or 1.3%, to settle at Rs 427.85. The total volume of shares traded was 82,853 at the BSE (Thursday).