The Mumbai-based agrochemicals company UPL Ltd yesterday signed an agreement to acquire 26 percent stake in Weather Risk Management Services Private Limited (WRMS) for Rs 10 crore. Incorporated in October 2004, WRMS is primarily engaged in providing agriculture risk management solutions which include weather information and forecast services, agriculture decision support system services, precision farming services, crop insurance products to farmers.
WRMS also provides data analytics services to sectors such as renewable energy. The company also manufactures automated weather stations that can record, store and transmit weather information on a real-time basis using mobile or wired telecommunication network, assembling and sale of vehicle tracking system (VTS) that has capabilities like live tracking, temperature, fuel monitoring of vehicles and telecom equipment which is used at telecom base stations for power management, temperature control and monitoring of solar panels. WRMS is primarily engaged in India but has recently started projects in Bangladesh, Cambodia and other Asian countries.
“UPL is pleased to collaborate with WRMS. This collaboration will help UPL in providing farm services, and precision farming solutions to the farmers and several other value added services to farmers. UPL would leverage on technology platform developed by WRMS, to strengthen its relationship with farmers,” said UPL in a press release.
WRMS’ subsidiary, INGEN is engaged in the business of designing agriculture risk management instruments, providing weather information and forecast services, providing data analytics services to sectors such as renewable energy, agriculture products and services, agriculture decision support system services, precision farming services to the farmers, selling crop insurance products to farmers and other agricultural entities.