UPL's Advanta Brazil to benefit from $125 mn Serra Bonita asset sale
Advanta Comércio de Sementes Ltda. ('Advanta Brazil'), a global seed company, part of UPL Group, announces that Serra Bonita Sementes S.A. ('Serra Bonita'), a Brazilian associate company in which Advanta holds a 33% stake, has entered into an agreement for the sale of all its assets for a total consideration of USD 125 million, subject to closing adjustments.
Advanta Brazil, part of UPL Group, announced that its associate company Serra Bonita will sell all assets for $125 million. Proceeds will be disbursed to shareholders, and Serra Bonita remains an associate until winding-up. The deal strengthens UPL's ties with the Roquetto Group and supports its focus on sustainable, climate-smart agriculture in Brazil.
This strategic transaction reflects UPL's continued focus on optimizing its asset portfolio and unlocking value. The sale proceeds will be received by Serra Bonita and are expected to be fully disbursed to its shareholders in the next few months.. Until the completion of this process and the subsequent legal winding-up, Serra Bonita will continue to be considered an associate company of Advanta Brazil.
'More than a financial operation, this divestment represents a strategic reinforcement of Advanta/ UPL's long-standing relationship with Mr. José Paulo Roquetto and his group of companies – a leading force in Brazilian agribusiness,' said Marcio Boralli, Serra Bonita's Board Member and Advanta Brazil country Manager. UPL and Advanta have maintained strong commercial ties with the Roquetto Group, and this transaction will further strengthen and expand that relationship. UPL's crop protection and seed technologies will continue to be actively used in the farming operations currently managed by Serra Bonita, with significant potential for broader implementation.
Advanta, a global business within the UPL Group, is dedicated to the research, development, production, and commercialization of high-performance seeds, with a specialized focus on climate-smart crops that address the challenges of global climate variability. The deepened collaboration with the Roquetto Group reinforces Advanta/ UPL's commitment to sustainable innovation and the promotion of regenerative agricultural practices across Brazil.
UPL extends its sincere thanks to the management, employees, and shareholders of Serra Bonita for their partnership and contributions over the years,and looks forward to continuing this journey of shared growth with enhanced strategic alignment. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (HU)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
2 hours ago
- Hans India
India's AI market to triple to $17 bn by 2027
New Delhi: The Indian AI market is expected to grow to over USD 17 billion by 2027, more than tripling its current size, driven by increased investments in enterprise technology, a flourishing digital ecosystem, and a strong pool of skilled professionals, according to BCG. The nation makes up 16 per cent of the world's AI talent, placing it behind only the US, reflecting both its demographic advantage and strong STEM education system. Boston Consulting Group, in a report titled "India's AI Leap: BCG Perspective on Emerging Challengers", said India has a thriving AI ecosystem with over 600,000 AI professionals, 700 million internet users, and a surge of AI startups with over 2000 launched in the past three years.
Time of India
2 hours ago
- Time of India
Google offers buyouts to more workers amid AI-driven tech upheaval and antitrust uncertainty
Mountain View, California: Google has offered buyouts to another swath of its workforce across several key divisions in a fresh round of cost cutting coming ahead of a court decision that could order a breakup of its internet empire. The Mountain View, California, company confirmed the streamlining that was reported by several news outlets. It is not clear how many employees are affected, but the offers were made to staff in Google's search, advertising, research and engineering units, according to The Wall Street Journal. Google employs most of the nearly 1,86,000 workers on the worldwide payroll of its parent company, Alphabet Inc. "Earlier this year, some of our teams introduced a voluntary exit programme with severance for US-based Googlers, and several more are now offering the programme to support our important work ahead," a Google spokesperson, Courtenay Mencini, said in a statement. "A number of teams are also asking remote employees who live near an office to return to a hybrid work schedule in order to bring folks more together in-person," Mencini said. Google is offering the buyouts while awaiting a federal judge to determine its fate after its ubiquito us search engine was declared an illegal monopoly as part of nearly five-year-old case by the US Justice Department. The company is also awaiting remedy action in another antitrust case involving its digital ad network. US District Judge Amit Mehta is weighing a government proposal seeking to ban Google paying more than USD 26 billon annually to Apple and other technology companies to lock in its search engine as the go-to place for online information, require it to share data with rivals and force a sale of its popular Chrome browser. The judge is expected to rule before Labour Day, clearing the way for Google to pursue its plan to appeal last year's decision that labelled its search engine as a monopoly. The proposed dismantling coincides with ongoing efforts by the Justice Department to force Google to part with some of the technology powering the company's digital ad network after a federal judge ruled that its digital ad network has been improperly abusing its market power to stifle competition to the detriment of online publishers. Like several of its peers in Big Tech, Google has been periodically reducing its headcount since 2023 as the industry began to backtrack from the hiring spree that was triggered during pandemic lockdowns that spurred feverish demand for digital services. Google began its post-pandemic retrenchment by laying off 12,000 workers in early 2023 and since then as been trimming some divisions to help bolster its profits while ramping up its spending on artificial intelligence - a technology driving an upheaval that is starting to transform its search engine into a more conversational answer engine. (AP)
Time of India
2 hours ago
- Time of India
Brazil's Supreme Court justices agree to make social media companies liable for user content
The majority of justices on Brazil's Supreme Court have agreed to make social media companies liable for illegal postings by their users. Gilmar Mendes on Wednesday became the sixth of the court's 11 justices to vote to open a path for companies like Meta, X and Microsoft to be sued and pay fines for content published by their users. Voting is ongoing but a simple majority is all that is needed for the measure to pass. The ruling will come after US Secretary of State Marco Rubio warned of possible visa restrictions against foreign officials allegedly involved in censoring American citizens. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Walgreens Won't Like This: A Legal 87¢ Generic Viagra Trick for Everyone fridayplans Learn More Undo The only dissenting Brazilian justice so far is Andre Mendonca and his vote was made public last week. The social media proposal would become law once voting is finished and the result is published. But Brazil's Congress could still pass another law to reverse the measure. Live Events The current legislation states social media companies can only be held responsible in those cases if they do not remove hazardous content after a court order. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories
