Mumbai: Agrochemicals company United Phosphorus Ltd (UPL) has acquired 100-per cent stake in Colombian marketing firm Evofarms group, for an undisclosed sum, in an all-cash deal.

UPL acquired Bogota, Colombia-based, Evofarms markets crop protection generics, and has several product registrations in the country, along with a distribution network, United Phosphorus (UPL) said in a release.

UPL made the acquisition through its subsidiary in Columbia.

Evofarms group (Evofarms), a major marketing company of generic products in the crop protection industry, has several product registrations in Colombia and has a distribution network covering over 100 customers.

UPL said it would fund the all-cash deal through its own accruals.

After considerable growth - both organic and through acquisitions - in the US, Argentina, Europe, and in India, UPL had been actively pursuing opportunities for growth in Latin America. Evofarms represents UPL's first acquisition in the Andean region, which is an interesting and fast growing Agrochem market, the company said.

This is UPL's second acquisition in Latin America in the current fiscal year after Icona in July 2007. "The acquisition of Evofarms is in line with UPL's strategy to aggressively grow its business globally, both organically and through acquisitions," it said.

This is also UPL's third acquisition in the fiscal year following its acquisition of the global rights of two tin compounds from DuPont and Icona in Argentina.

United Phosphorus Ltd is the largest Indian agrochemical player and among the top three generic players globally in this industry. It is engaged in research, manufacture and distribution of agrochemicals and specialty chemicals worldwide. The company had revenues of Rs2,470 crore ($560 million) for the year ended March 2007.

UPL has a marketing network across the globe and its international revenues account for over 70 per cent of its total revenue. It exports to over 100 countries, the primary markets being Europe and North America with high expectations of growth in Latin America.

UPL has 24 operating plants and over 3,100 employees across the world.