United Phosphorus has announced that the Company through its UK subsidiary has purchased 100% stake of ICONA and ICONA San Luis S.A. (ICONA), a manufacturer and distributor of crop protection products headquartered in Buenos Aires, Argentina. The share purchase includes all stocks, products registrations, manufacturing sites and all other property rights associated with the business of ICONA.

ICONA is a debt free Company, having more than 35 registrations in Argentina. It has a strong manufacturing base located in Capilla del Senor from Buenos Aires and at Justo Daract. Justo Daract is located in the province of San Luis. ICONA has its own distribution network covering more than 1000 customers. For the year ended September 30, 2006 ICONA's Consolidated revenues were US$ 13 mm. The total cost of acquisition for the Company is US$ 10 mm and the acquisition is effective from July 18, 2007. It is all cash offer and the Company will find this through its cash accrual.

This acquisition provides the Company with a much stronger platform to expand and strengthen its presence in Argentina. With the strong Agricultural commodity pricing the market is going to be very good in Argentina. ICONA has a very strong distribution network in Argentina. After considerable growth both organically and acquisitions in the USA, Europe, and in India, the Company has been actively pursuing opportunities for growth in the other regions. The acquisition of ICONA is in line with Company's strategy to grow its business globally both organically and through acquisitions.

This is Company's Third acquisition in this Calendar year following its acquisition of the Cerexagri group of Companies and the global rights to two tin compounds from Dupont.

The Company is the largest Indian agrochemical player and among the top five generic players globally in this industry. It is engaged in research, manufacture and distribution of agrochemicals and speciality chemicals across the globe. The Company's revenue's for the year ending March 2007 were in excess of USD 560 mm (Rs 2470 Crores).

Through acquisitions, strategic alliances and network of subsidiaries, the Company has built a marketing network across the globe and its international revenues account for over 70% of its total revenues. It exports to over 100 countries, the primary markets being Europe and North America.

The Company has over 3100 employees and has 22 operating plants (8 in India, 9 in Europe, 1 in the US and 4 in Rest of World) most of them are ISO compliant to the highest standards of Quality, Safety, Environment and Occupational Health.