CCI Approves Proposed UPL Group Restructuring Transaction

The Competition Commission of India (CCI) has approved a proposed combination relating to the restructuring of UPL group companies and certain other entities. 

The parties to the proposed combination include UPL Limited (UPL 1), UPL Sustainable Agri Solutions Limited (UPL SAS), UPL Global Sustainable Agri Solutions Limited (UPL 2), UPL Crop Protection Holdings Limited (Cayman 1), TPG Upswing Limited (TPG), Platinum Jasmine A 2018 Trust, and Woodhall Holdings (DIFC) Limited (WHL). 

Proposed Restructurisation of UPL 

According to the CCI approval, the proposed combination is a reorganisation involving a series of interconnected steps. The transaction will result in the transfer of two business verticals of UPL Limited to UPL Global Sustainable Agri Solutions Limited (UPL 2). 

These business verticals are: 

• The India crop protection business, currently housed under UPL Sustainable Agri Solutions Limited (UPL SAS).
• The global crop protection business, currently housed directly and indirectly through subsidiaries under UPL Crop Protection Holdings Limited (Cayman 1). 

Following the completion of the transaction, both businesses are intended to be held by UPL 2, a wholly owned subsidiary of UPL Limited. 

Businesses of the Parties 

UPL Limited is engaged in the research, development, manufacture, and sale of pesticides, insecticides, micronutrients, crop protection products, bio-solutions, seeds, and post-harvest treatments. 

UPL SAS manages the India crop protection business and supplies crop protection and seed treatment products in India. 

UPL 2 currently has no business operations in India and is intended to hold both the India and global crop protection businesses after the transaction.