New Delhi, Nov 15 (IANS): UPL, a leading India-headquartered crop protection products company, and Gexcon AS, a Norway-based global leader in safety and risk management, have signed a memorandum of understanding (MoU) on innovation management in process safety.

The MoU, signed in the presence of Norwegian Ambassador to India Nils Ragnar Kamsvåg here on Wednesday, will enable UPL to strengthen the existing standards on Process Safety across its manufacturing facilities and projects worldwide.

"We are appreciative and proud of the trust UPL stakeholders have put to achieve excellence in manufacturing while continuous growth takes place," Vikram Shroff, Director of UPL group, said in a statement.

"The next phase of UPL's operational aspiration is aimed at achieving global leadership by strengthening the existing standards of process safety and risk management and work on research and development by building a centre of excellence," he said.

UPL stock is publicly traded on the Bombay Stock Exchange and the National Stock Exchange of India. Its current market capitalisation is $4.6 billion, as of June 30.

"We look forward to supporting UPL in their process transformation to better identify, manage and deliver innovative ideas in process safety and risk management while handling hazardous chemicals," Sturle H. Pedersen, President and Global CEO of Gexcon, said in the statement.