The Competition Commission of India has approved a proposed combination related to the reorganisation of UPL group companies and other parties. The parties to the proposed combination include UPL Limited (UPL), UPL Sustainable Agri Solutions Limited (UPL SAS), UPL Global Sustainable Agri Solutions Limited (UPL Two), UPL Crop Protection Holdings Limited (Cayman One), TPG Upswing Limited (TPG), Platinum Jasmine A 2018 Trust (Platinum) acting through its trustee, and Woodhall Holdings (DIFC) Limited (WHL). The approval covers a series of interconnected steps that form the proposed transaction.

The reorganisation will result in the transfer to UPL Two of two business verticals currently linked to UPL. The first is the India crop protection business organised under UPL SAS and the second is the global crop protection business held directly or indirectly through Cayman One. UPL Two is described as another wholly owned subsidiary of UPL.

UPL is a global agri-solutions company engaged in research and development, manufacture and sale of pesticides, insecticides, micronutrients, crop protection products, bio-solutions, seeds and post-harvest treatments. UPL SAS manages the India crop protection business and supplies a range of agri-solutions including crop protection and seed treatment products in India. Cayman One currently holds the global crop protection business and is reported to deal in conventional crop protection products and biosolutions.

TPG is identified as a global investment firm focused on private equity, real estate, healthcare, technology, consumer and financial services, while WHL is noted as belonging to the Brookfield Group, an alternative investment manager. The description states that UPL Two currently has no business operations in India and is intended to hold both the India and global crop protection businesses following completion of the transaction. The detailed order of the Commission will follow.