The Competition Commission of India (CCI) has approved the proposed combination related to restructuring of UPL group companies
The parties to the proposed combination are: 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 (acting through its trustee, Platinum Owl C 2018 RSC Limited) (Platinum), Woodhall Holdings (DIFC) Limited (WHL)
The proposed combination is a reorganisation involving a series of interconnected steps
The restructuring will result in transfer of two business verticals of UPL 1: (i) India crop protection business (housed under UPL SAS) and (ii) global crop protection business (housed directly and indirectly through subsidiaries under Cayman 1) to UPL 2
UPL 2 is another wholly owned subsidiary of UPL 1
UPL Limited is a global agri-solutions company engaged in 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 agri-solutions including crop protection and seed treatment products in India
UPL 2 currently has no business operations in India and is intended to hold both India and global crop protection businesses after completion of the transaction
Cayman 1 currently holds the global crop protection business and deals in conventional crop protection products and biosolutions
TPG Inc. is a global investment firm focused on private equity, real estate, healthcare, technology, consumer, and financial services sectors
Woodhall Holdings (DIFC) Limited belongs to the Brookfield Group which is an alternative investment management company
