Speaking on the sidelines of World Economic Forum Davos 2022, Jai Shroff, global chief executive officer of UPL told CNBC-TV18 that he expects food prices to get tighter for a short period of time.

"Food prices could get tighter for a short period of time as countries increase their food security reserves. However when the crop yield forecast for the following season comes, then prices could ease if the weather conditions are helpful," Shroff said.

He also denied the buzz of any change in ownership for the company.

“UPL is a family business, we love what we do, we love the impact we make. UPL has been rated number one on ESG. We have bought more than 50 companies, so we are always looking at different opportunities. It is a family business which has generational ownerships, so there is no change in ownership," the CEO added.

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