UPL ACQUIRES STRATEGIC STAKE IN WEATHER RISK MANAGEMENT SERVICES PRIVATE LIMITED
by Shrutee K/DNS
MUMBAI,
INDIA – UPL Ltd. (UPL) has announced signing of
agreement with Weather Risk Management Services Private Limited (WRMS), the
promoters of WRMS and the subsidiary of WRMS, namely, INGEN Technologies
Private Limited (INGEN), whereby UPL will subscribe to 37,681 equity shares constituting 26%
share capital (on fully diluted basis) of WRMS. The formalities related to the
acquisition will be completed within 90 days.
WRMS
is incorporated in India on October 5, 2004. WRMS is primarily engaged in
providing agriculture risk management solutions which include weather information
and forecast services, agriculture decision support system services, precision
farming services, crop insurance products to farmers. WRMS also provides data
analytics services to sectors such as renewable energy. WRMS also manufactures automated
weather stations that can record, store and transmit weather information on a
real-time basis using mobile or wired telecommunication network, assembling and
sale of vehicle tracking system (VTS) that has capabilities like live tracking,
temperature, fuel monitoring of vehicles and telecom equipment which is used at
telecom base stations for power management, temperature control and monitoring
of solar panels. WRMS is primarily engaged in India but has recently started
projects in Bangladesh, Cambodia and other Asian countries.
WRMS’
subsidiary, INGEN is engaged in the business of designing agriculture risk
management instruments, providing weather information and forecast services,
providing data analytics services to sectors such as renewable energy,
agriculture products and services, agriculture decision support system
services, precision farming services to the farmers, selling crop insurance
products to farmers and other agricultural entities.
WRMS’
turnover over the last three years was:
Year
|
Standalone
|
Consolidated with INGEN
|
FY 2013-14
|
Rs. 202 Lakhs
|
Rs. 280 Lakhs
|
FY 2014-15 -
|
Rs. 602 Lakhs
|
Rs. 787 Lakhs
|
FY 2015-16 (unaudited)
|
Rs. 403 Lakhs
|
Rs. 750 Lakhs
|
UPL
is acquiring 26% shareholding in WRMS for cash consideration of about INR 10
crores.
UPL
is the largest Indian multinational agrochemical company and is engaged in
research, manufacturing, marketing, sales & distribution of agrochemicals
and specialty chemicals across the globe. Globally, UPL is one of largest agrochemical
manufacturing companies with significant pan India presence. The Company’s
revenue for the year ended 31st March 2016 was INR 13,301Crores. (www.uplonline.com).
UPL
is pleased to collaborate with WRMS. This collaboration will help UPL in
providing farm services, and precision farming solutions to the farmers and
several other value added services to farmers.UPL would leverage on technology platform
developed by WRMS, to strengthen its relationship with farmers.
Comments
Post a Comment