UPL Ltd announced that its step-down subsidiary, UPL Holdings Brazil B.V, has made a further investment in Sinova lnovacoes Agricolas S.A ((Formerly known as Sinagro Produtos Agropecuarios S.A.). UPL Brazil had invested US$ 53.85 million in Sinova.

The current acquisition is in the nature of investing further and hence it is a related party transaction. Equity infusion was made to address working capital requirement. Sinova plays an important role in promoting and reselling UPL products in one of the main agricultural regions of Brazil (Cerrado/savanna).

Sinagro, incorporated on 12th February 2001, is a major reseller of grains and agricultural products with a significant presence in Brazil's ‘Cerrado’ savanna region.