
UPL Ltd., through its step-down subsidiary UPL Global, has announced plans to acquire a 49% stake in Thailand-based Grow Chemical Co. Ltd. in a strategic minority deal valued at $0.76 million. The transaction is expected to be completed by December 31, 2025, subject to customary approvals.
Strategic Rationale
The investment is aimed at strengthening UPL’s presence in Southeast Asia while advancing its focus on innovative and sustainable agri-solutions. Founded in 2011, Grow Chemical is engaged in the sourcing and distribution of chemicals, fertilizers, and agricultural products—making it a natural fit for UPL’s diverse agri-inputs portfolio.
Deal Structure
The acquisition will be carried out via a share subscription agreement, with UPL Global investing the entire amount in cash. The company confirmed that this is not a related-party transaction, underscoring its compliance with governance and transparency standards.
Competitive Landscape
Grow Chemical has demonstrated consistent performance in Thailand’s agri-input market, with revenues of $7.4 million in FY24, $8.8 million in FY23, and $9.5 million in FY22. Through this partnership, UPL will gain access to Grow’s local market network, while Grow benefits from UPL’s global scale, innovation pipeline, and distribution capabilities. This positions UPL more competitively against global agri-chemical majors expanding their footprint in Southeast Asia.
Summary
UPL Global’s planned 49% acquisition of Grow Chemical marks a strategic step into Thailand’s agri-input market. With a modest investment of $0.76 million, UPL will leverage Grow’s local expertise and distribution while extending its global reach. The move underscores UPL’s commitment to innovation, sustainability, and market expansion in Southeast Asia, strengthening its competitive edge in the regional agri-solutions landscape.
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