UPL’s UK Subsidiary Expands into Thai Market with 49% Stake in Grow Chemical

UPL Limited’s step-down subsidiary UPL Global Limited (United Kingdom) has entered into a Share Subscription Agreement to acquire a 49% stake in Grow Chemical Co., Ltd. (Thailand) by subscribing to fresh equity. The move establishes a strategic partnership with Grow’s parent Baka Company Ltd. to strengthen innovation, distribution, and sustainable agricultural solutions for Thai farmers.

Deal snapshot

• Acquirer: UPL Global Limited (UK), a step-down subsidiary of UPL Limited
• Target: Grow Chemical Co., Ltd. (Thailand)
• Stake: 49% (post-subscription)
• Consideration: USD 0.76 million, cash (fresh equity)
• Completion timeline: On or before December 31, 2025, subject to closing conditions
• Regulatory approvals: No additional approvals required for the investment
• Related-party status: Not a related-party transaction

About Grow Chemical

• Incorporation: March 22, 2011 (wholly owned subsidiary of Baka Company Ltd.)
• Business: Sourcing and selling of chemicals, fertilizers, and agricultural products (including herbicides, insecticides, fungicides, and plant nutrients) in Thailand
• Turnover (USD mn): FY24: 7.4  |  FY23: 8.8  |  FY22: 9.5

Strategic rationale

• Combine UPL’s global crop-protection expertise with Baka’s local market presence and operations
• Accelerate growth in Thailand through joint R&D, distribution, and marketing
• Expand product portfolio and regulatory registrations aligned with Thailand’s agri-development goals

Source: UPL Limited filing to BSE/NSE