UPL to spin off crop protection unit, forming second-largest listed pure-play platform

UPL has approved a group reorganization that will create, it says, the world’s second-largest listed pure-play crop protection platform by separating its core crop protection operations into a newly listed company.

The plan will consolidate UPL’s India- and international-crop protection businesses into a new entity, UPL Global Sustainable Agri Solutions, which will be listed on Indian stock exchanges. The reorganization involves the amalgamation of UPL Sustainable Agri Solutions into UPL, the demerger of UPL’s India crop protection business into UPL Global, and the merger of UPL Crop Protection Holdings, which houses its international crop protection operations, into the same entity. Following completion, UPL will remain a diversified agriculture and specialty chemicals company, while UPL Global will operate as a dedicated crop protection platform with operations in more than 140 countries.

The company said the restructuring is intended to simplify its group structure, enhance strategic focus, and provide greater financial flexibility, allowing both entities to raise capital independently. The transaction is expected to close within 12 to 15 months, subject to regulatory approvals, including from the Securities and Exchange Board of India, the Competition Commission of India, and the National Company Law Tribunal. Mike Frank, currently leading UPL’s global crop protection business, will serve as chief executive of UPL Global.