CCI Approves UPL Restructuring Plan To Consolidate India, Global Crop Protection Businesses

The Competition Commission of India (CCI) on Tuesday approved a proposed combination involving the restructuring of UPL group companies and several investment entities, under which UPL's India and global crop protection businesses will be brought under a single group entity.

According to a press release issued by the Commission, the transaction involves UPL Limited, UPL Sustainable Agri Solutions Limited, UPL Global Sustainable Agri Solutions Limited, UPL Crop Protection Holdings Limited, TPG Upswing Limited, Platinum Jasmine A 2018 Trust and Woodhall Holdings (DIFC) Limited.

The proposed combination is part of an internal reorganisation of the UPL group and involves a series of interconnected steps that will result in the transfer of two businesses of UPL Limited to UPL Global Sustainable Agri Solutions Limited, a wholly owned subsidiary of UPL.

These include UPL's India crop protection business, currently housed under UPL Sustainable Agri Solutions Limited, and its global crop protection business, which is held directly and indirectly through UPL Crop Protection Holdings Limited and its subsidiaries.

UPL Limited is a global agri-solutions company engaged in the research, development, manufacture and sale of pesticides, insecticides, micronutrients, crop protection products, bio-solutions, seeds and post-harvest treatments. UPL Sustainable Agri Solutions Limited manages the company's India crop protection business and supplies crop protection and seed treatment products in the country.

The Commission said UPL Global Sustainable Agri Solutions Limited currently has no business operations in India and is intended to hold both the India and global crop protection businesses after completion of the transaction. UPL Crop Protection Holdings Limited presently holds the group's global crop protection business and deals in conventional crop protection products and biosolutions.

The other parties to the transaction include TPG Upswing Limited, part of TPG Inc., a global investment firm, and Woodhall Holdings (DIFC) Limited, which belongs to the Brookfield Group.

A detailed order setting out the Commission's reasons for approving the transaction will follow