UPL Plans Major Restructuring to Form World’s Second-Largest Crop Protection Company
20 February 2026, Mumbai: UPL Limited has approved a sweeping corporate reorganisation to consolidate its crop protection operations and create what it says will be the world’s second-largest listed pure-play crop protection platform.
The company’s Board of Directors cleared a composite scheme of arrangement that will bring together its India and international crop protection businesses under a newly structured entity, UPL Global Sustainable Agri Solutions Limited (UPL Global), which will be listed on stock exchanges following completion of the transaction.
The move is aimed at unlocking shareholder value, simplifying the group structure, and sharpening strategic focus across its agricultural solutions portfolio.
Three-Step Restructuring Plan
The reorganisation will be implemented through a series of mergers and demergers involving key subsidiaries:
- UPL Sustainable Agri Solutions Limited (UPL SAS), which houses the domestic crop protection business and is 90.91% owned by UPL, will be amalgamated into UPL Limited.
- The India crop protection business will then be vertically demerged into UPL Global.
- UPL Crop Protection Holdings Limited (UPL Corp), which holds UPL’s international crop protection operations, will be amalgamated into UPL Global.
Following the restructuring, UPL Global will function as a dedicated crop protection company integrating both domestic and global operations, while UPL Limited will remain a diversified agriculture and specialty chemicals business.
Strategic Focus and Capital Flexibility
According to the company, the new structure will enable clearer value discovery for investors by creating two distinct listed entities with separate growth strategies and risk profiles.
The consolidation is also expected to generate operational synergies across research, manufacturing, and global market access, while allowing the crop protection platform to operate with an independent management structure.
UPL said the separation would provide greater financial flexibility, allowing both entities to raise capital independently and align investments more closely with their respective business priorities.
Jai Shroff, Chairman & Group CEO of UPL said, “This strategic reorganization is an important milestone in UPL’s long-term transformation journey. The reorganized UPL structure strengthens our ability to build and scale diversified businesses across agriculture and specialty chemicals, while also driving the incubation of next-generation sustainable ventures.
Mike Frank, CEO of UPL Global added, “Bringing our crop protection businesses under one platform creates the world’s second largest listed pure-play crop protection platform. With a presence in more than 140 countries, this unified platform will enable us to deliver innovations to farmers faster, more efficiently to gain greater market share. This will position us to strengthen operational synergies and drive long-term value for our stakeholders.”
Approvals and Timeline
The transaction is expected to take 12–15 months to complete, subject to approvals from regulators including the Securities and Exchange Board of India, Competition Commission of India, Reserve Bank of India, stock exchanges, and the National Company Law Tribunal, along with necessary shareholder and creditor consents.
Share exchange and entitlement ratios for the scheme have been approved based on recommendations from independent valuers.
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