CCI approves proposed combination related to restructuring of UPL group companies and others

**Executive Summary** On June 3, 2026, the Competition Commission of India (CCI) announced the approval of a proposed combination involving the restructuring of UPL group companies and other entities. The reorganization centralizes UPL’s Indian and global crop protection business verticals under a single wholly owned subsidiary, UPL 2. A detailed order regarding this approval is expected to be released following this announcement. **Key Points / Main Content** **Transaction Structure** * The combination is a reorganization involving a series of interconnected steps. * The India crop protection business (India CPC Business), currently housed under UPL SAS, will be transferred to UPL 2. * The global crop protection business (Global CPC Business), currently held by Cayman 1, will be transferred to UPL 2. * UPL 2 is a wholly owned subsidiary of UPL Limited and currently has no business operations in India. **Participating Entities** * **UPL Limited (UPL 1):** A global agri-solutions company involved in the manufacture and sale of pesticides, seeds, and crop protection products. * **UPL SAS:** The entity currently managing the India crop protection business. * **Cayman 1:** The entity currently holding the global crop protection business and biosolutions. * **Investment Partners:** The combination includes TPG Upswing Limited (TPG), Platinum Jasmine A 2018 Trust (Platinum), and Woodhall Holdings (DIFC) Limited (WHL), which belongs to the Brookfield Group. **Impact Analysis** **UPL Group (UPL 1, UPL SAS, UPL 2, and Cayman 1)** **Impact** The group will undergo a significant structural shift where two major business verticals (India and Global) are consolidated into UPL 2. UPL 2 will transition from having no Indian operations to becoming the primary holding entity for these businesses. **Action Required** The entities must execute the interconnected steps of the reorganization in accordance with the CCI’s approval. **Investment Stakeholders (TPG, Platinum, and Woodhall Holdings)** **Impact** These entities are recognized as parties to the approved combination, linking their investment interests to the newly restructured UPL framework. **Action Required** These parties must review the detailed order from the Commission once published to ensure compliance with any specific conditions or findings.

Key Entities Referenced