UPL announces 26.75 pc stake buy in Allfresh

Agrochemical firm UPL Friday said it has acquired 26.75 per cent stake in Allfresh Supply Management for Rs 9.24 crore in an all-cash deal. The deal will be completed by May 20, 2019, and will be subject to compliance of certain conditions, UPL said in a filing to the BSE.

"UPL Ltd has invested Rs 9,24,99,283 in Allfresh Supply Management Pvt Ltd constituting 26.75 per cent (on a fully diluted basis) in the paid-up share capital of Allfresh," the filing said. Allfresh is primarily engaged in procuring and supplying fresh produce (specifical fruits) to its customers after appropriate post-harvest management activities.

According to UPL, the acquisition of Allfresh will help the company in growing the post-harvest market in the country. It would also help in leveraging the association of Allfresh with farmers and strengthen the relationship, the company said. UPL has advanced technology and know-how in the post-harvest segment which can be utilised efficiently by the customers of All fresh, it added.