The Competition Commission of India (CCI) has approved a proposed combination related to the restructuring of UPL Group companies and others.
The approval was granted on 03 JUN 2026.
The proposed combination involves the following parties:
i. UPL Ltd (UPL 1)
ii. UPL Sustainable Agri Solutions Ltd (UPL SAS)
iii. UPL Global Sustainable Agri Solutions Ltd (UPL 2)
iv. UPL Crop Protection Holdings Ltd (Cayman 1)
v. TPG Upswing Ltd (TPG)
vi. Platinum Jasmine A 2018 Trust (acting through its trustee, Platinum Owl C 2018 RSC Ltd) (Platinum)
vii. Woodhall Holdings (DIFC) Ltd (WHL)
The proposed combination is a restructuring that will result in the transfer of UPL 1's two business segments:
(i) India Crop Protection Business (under UPL SAS) (India CPC Business)
(ii) Global Crop Protection Business (directly and indirectly through its subsidiaries under Cayman 1) (Global CPC Business)
The transfer will be to UPL 2 (another wholly-owned subsidiary of UPL 1).
UPL Ltd is described as a global agriculture solutions company engaged in research, development, manufacturing, and sale of pesticides, micronutrients, crop protection products, bio-solutions, seeds, and post-harvest solutions.
UPL SAS manages the crop protection business and supplies agriculture solutions including crop protection and seed treatment products in India.
UPL 2 currently has no business operations in India and is intended to handle both India and global crop protection businesses after the transaction is completed.
Cayman 1 currently operates the global crop protection business and trades in traditional crop protection products and bio-solutions.
TPG Inc. is described as a global investment firm focused on private equity, real estate, healthcare, technology, consumer, and financial services sectors.
Woodhall Holdings (DIFC) Ltd is described as an alternative investment management company related to the Brookfield Group.
The detailed order of the Commission will be issued later.
