India's leading agrochemical maker United Phosphorous has made third overseas acquisition in this financial year. The company announced its acquisition of Sipcam Isagro Brazil (SIB).

The amount of the deal has not yet been disclosed. But it is said that with this acquisition, United Phosphorous has got 50% stake in the Sipcam Isagro Brazil.

United Phosphorous, promoted by Shroff family will buy the stake from Isagro. SIB is 50:50 joint venture between Sipcam-Oxon group and Isagro. However, Sipcam's stake in the company won't change and will remain a 50% owner after the closing of the acquisition process.

Uberaba, Minas Gerais-based SIB is a producer and distributor in Brazilian agrochemicals market. SIB operates a formulation plant in Brazil. This plant formulates several types of crop protection products.

Advisor to the United Phosphorous was Yes Bank and the transaction is likely to be closed in a month. According to estimate of the United Phosphorous, Brazil is a $7 billion market and is among top five markets for crop protection.

United Phosphorous already has a presence in the country and this acquisition will no doubt strengthen its position. Stock market is not pleased with the deal and United Phosphorous counter fell by 4.37 percent today.