UPL announced that UPL Global (UGL), a step-down subsidiary of UPL Corporation (subsidiary of the company) has completed the acquisition of balance 20% stake in PT Excel Meg Indo, Indonesia (PT Excel).
PT Excel is engaged in the business of buying, importing and distributing of agrochemicals, seeds, fumingants and fertilizers in Indonesia. PT Excel is a subsidiary of UGL.
Post completion of the acquisition, UGL will hold 99.9998% stake in PT Excel, while another subsidiary viz UPL Europe will hold 0.0002%.