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UPL and Bunge ink agreement to form Orígeo in Brazil

Posted On: 2022-06-30 22:00:17 (Time Zone: IST)

UPL Ltd. (NSE: UPL & BSE: 512070 LSE: UPLL) ('UPL') a global provider of sustainable agricultural solutions and Bunge (NYSE: BG), a global leader in agribusiness, food, and ingredients, have announced a new partnership to increase productivity, profitability and sustainability for farmers in Brazil.

UPL and Bunge will establish Orígeo, a new company providing end-to-end solutions to farmers in Brazil's MAPITOBAPA macro-region, drawing on its highly qualified technical team's understandings of each producer's needs from crop planning to harvest. Orígeo will combine Bunge's expertise in financing, trading, and logistics matched with UPL's comprehensive sustainable agricultural inputs, solutions, and services portfolio.

Orígeo's offering will include seed, pesticide, biosolutions and fertilizer inputs; crop-planning assistance; agronomical advice; consulting on sustainability and regenerative and low carbon agriculture certification; agricultural financing solutions; and harvest marketing and logistics services. The company will also offer farmers digital agriculture services, including real-time information, recommendations and alerts using satellite-collected field data to improve decision-making and business efficiency.

Rogério Castro, CEO of UPL Brazil, said: "Orígeo will bring us closer to farmers and expand our offerings in this region to encompass the entire food value chain and exemplify our OpenAg commitment to collaboration. By developing, promoting, and launching sustainable solutions, including biosolutions, we're empowering farmers to become environmental champions based on sustainable practices, including carbon soil sequestration to reduce atmospheric CO2. We look forward to working with Bunge and farmers on our reimagining sustainability mission."

Rossano de Angelis Junior, Bunge VP of Agribusiness in Brazil, said: "Bunge is proud of the lasting and trusting relationships we have built with farmers over the last century, which has allowed us to identify the opportunity for this innovative service model. Orígeo will work closely with the farmer, mapping needs, bringing solutions, and addressing business challenges. We want to simplify processes and make operations even more efficient so that farmers have more time to focus on what they do best - produce more and sustainably,".

The agreement is subject to customary closing conditions, including regulatory approval by the Administrative Council for Economic Defense (CADE) in Brazil.

Shares of UPL Limited was last trading in BSE at Rs. 631.95 as compared to the previous close of Rs. 644.50. The total number of shares traded during the day was 48563 in over 2984 trades.

The stock hit an intraday high of Rs. 645.50 and intraday low of 630.00. The net turnover during the day was Rs. 30968063.00.

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