(In third paragraph, corrects size of area to be planted in
SAO PAULO, July 9 Brazil's SLC Agricola
has signed a non-binding agreement to form a joint
venture with Japan's Mitsui & Co Ltd, in a fresh sign
of increasing Asian interest in Brazil's booming agricultural
SLC Agricola, one of Brazil's largest soybean producers with
cotton, corn and coffee operations, will have a 50.1 percent
participation in the venture that will start operations in the
northern frontier agricultural state of Bahia.
The companies hope to plant 11,857 hectares of soybeans and
10,045 hectares of cotton on the property for the upcoming
2013/14 season, SLC Agricola said in a statement late on Monday.
It did not give an amount to be invested in the new venture,
which still needs approval from Brazilian regulators.
Mitsui has been developing agricultural projects in Brazil
via its subsidiary Multigrain since 2007.
Japanese grain handlers are raising their stakes in Brazil,
one of the few places in the world with room to ramp up
agricultural output for a growing global population.
The Nikkei business daily reported in May that another
Japanese trading house, Mitsubishi Corp, plans to
acquire a majority stake in Brazilian grain company Los Grobo
Ceagro do Brasil in a deal worth about 50 billion yen (U.S. $495
(Reporting by Caroline Stauffer; Editing by Chizu Nomiyama)