United Phosphorus Limited (UPL), India's largest agrochemical company, on Monday said it will acquire a 50% stake in Sipcam Isagro Brazil for an undisclosed amount. The Indian firm will buy the stake from Isagro that currently holds 50% in Sipcam's Brazil arm. Sipcam Isagro Brazil is a joint venture between two Italian firms – Sipcam-Oxon group and Isagro. Both the companies have signed a pact under which Isagro will exit the joint venture and UPL will join with 50% stake, the Indian company said in a statement on Monday. “The deal size is being pegged around $600 million or 2,700 crore,” said a person close to the development. The deal is expected to be closed in the next one month and the acquisition will be funded largely through internal accrual, as the company has enough cash in hand, he said. As on December 31, 2010, the company had nearly 1,800 crore cash in balance. […]