UPL Global Limited, the UK-based step-down subsidiary of UPL Limited, recently signed a share subscription agreement to acquire a 49% stake in Thailand’s Grow Chemical.

The deal involves a cash infusion of $0.76 million into fresh equity capital of Grow Chemical. UPL said the acquisition is expected to close on or before December 31, 2025, subject to customary conditions.

Established in 2011 as a wholly-owned unit of Baka Company Ltd, Grow Chemical operates in the agri-input space, dealing in chemicals, fertilisers, herbicides, insecticides, fungicides, and plant nutrients.

The company posted revenue of $7.4 million in FY24, compared with $8.8 million in FY23 and $9.5 million in FY22, reflecting a recent slowdown in performance.

UPL said the strategic tie-up with Baka will help drive innovation and sustainable agriculture solutions in Thailand. The collaboration will focus on joint R&D, distribution, and marketing, with plans to expand the product portfolio and regulatory approvals in line with the country’s farm development goals.