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UPL to create world’s second-largest listed pure-play crop protection platform
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Wednesday, 25 February, 2026, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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The Board of UPL Limited has approved a comprehensive group reorganisation plan aimed at unlocking shareholder value through the creation of an independent, focused crop protection platform. The restructuring will be executed via a composite scheme of arrangement involving UPL and its key subsidiaries.
Under the proposed structure, UPL’s India and international crop protection businesses will be consolidated into a new listed entity, UPL Global Sustainable Agri Solutions Limited (UPL Global). Currently, UPL holds a 90.91% stake in UPL Sustainable Agri Solutions Limited (UPL SAS) and a 77.78% stake in UPL Crop Protection Holdings Limited (UPL Corp).
The reorganisation will be carried out in three steps: first, the amalgamation of UPL SAS into UPL; second, the vertical demerger of UPL’s India crop protection business into UPL Global; and third, the amalgamation of UPL Corp into UPL Global.
Post-restructuring, the group will operate through two listed entities—UPL as a diversified agriculture and specialty chemicals platform, and UPL Global as a dedicated pure-play crop protection company. The move is expected to simplify the group structure, enhance operational synergies across research, manufacturing and market access, and enable sharper managerial focus.
The company said the new structure will offer greater strategic and financial flexibility, allowing both entities to independently raise capital and optimise their capital structures in line with focused growth strategies. The Board has approved the share exchange and entitlement ratios based on recommendations from independent valuers.
The transaction is expected to close within 12–15 months, subject to approvals from regulators including SEBI, CCI, RBI, stock exchanges, the NCLT, and shareholders and creditors.
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