Alpha Wave Global is investing $350 million to acquire a 12.5 per cent stake in hybrid seed company Advanta Enterprises Ltd.

Advanta is a subsidiary of UPL (formerly United Phosphorus Ltd). UPL said in a regulatory filing that the transaction with Alpha Wave — an investment company — will be a combination of a primary investment of $100 million and a secondary sale of shares of $250 million by it in Advanta.

Alpha Wave will make its investment from its Alpha Wave Ventures II fund.

The primary proceeds will be used to advance Advanta’s growth through organic and inorganic initiatives.

The secondary proceeds will be utilised by UPL to deleverage its balance sheet in alignment with its articulated financial objectives.

This transaction will be the second investment by a global investor in Advanta after a $300 million investment by KKR in October 2022.

Advanta is present in over 80 countries. It develops innovative seed technology solutions that address climate challenges and improve crop yields.

The company’s diverse portfolio includes corn, sorghum, sunflower, canola, rice and various vegetables, catering to smallholder farmers and commercial farming operations across all five continents.

UPL disclosed that the company achieved double-digit revenue growth during the previous years. This, it added, has allowed Advanta to build leadership positions in several field crops in key markets, including tropical yellow corn in India, Thailand and Latin America, and sunflower and sorghum in Argentina.

“We are delighted to partner Alpha Wave on Advanta, our global seeds platform,” Jai Shroff, group CEO of UPL, said.