16 June 2022, New Delhi: UPL Ltd on Wednesday said it has acquired 100 per cent stake in Punjab-based Kudos Chemie through its wholly-owned subsidiary in a bankruptcy resolution process.
The National Company Law Tribunal (NCLT) Chandigarh bench gave its approval to UPL’s resolution plan submitted under the Insolvency and Bankruptcy Code (IBC) for revival of Kudos Chemie, the agrochemical major said in a BSE filing.
”…the company has incorporated a wholly-owned subsidiary in the name of UPL Speciality Chemicals Limited (USCL) which has acquired 100 per cent holding in Kudos,” it added.
As per the resolution plan, UPL would acquire entire holding of Kudos with an investment of Rs 237 crore over a period of two years.
USCL said it has acquired four crore equity shares of Rs 10 each of Kudos for a total consideration of Rs 40 crore.
Kudos manufactures specialty chemicals used as beverage and pharmaceutical ingredients. It has a manufacturing facility near Chandigarh.
This acquisition will help UPL to offer various value added products to its customers.