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Chemical and pesticide maker United Phosphorus Ltd. said on Wednesday it bought 81% stake in South Africa's Cropserve Pty Ltd. for USD 3 million, to get full ownership of the firm, reports Reuters.
The transaction would also give United Phosphorus, which earlier owned 19% in Cropserve, a 4% stake in Villa Crop Protection Pty Ltd., a distributor of crop protection chemicals in South Africa.
The company said it planned to buy an additional 7% stake in Villa, which had USD 40-million annual turnover.Cropserve, with a revenue of about USD10 million, has five subsidiaries spread across Zambia, Mozambique and Malawi.United Phosphorus shares closed at Rs 232.10, up 3.6%, in a firm Mumbai market.
May 22 2013, 13:11
- in MARKET OUTLOOK
May 22 2013, 10:44
- in Economy