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livemint.com / 2 months ago
livemint.com / 2 months ago
UPL to list a second company housing its crop protection business
UPL Ltd plans to spin off and list its crop protection business as an independent entity, as part of a strategy to create the world's second-largest agrochemical firm. The Mumbai-headquartered company announced on Friday a three-step restructuring plan to consolidate its domestic and international pesticide units into a single global entity.This restructuring was undertaken in 2022 when the country’s largest agro-chemicals firm brought in private equity giants into three of its businesses.Under the three-step process, UPL Ltd will first merge its India crop protection subsidiary, UPL Sustainable Agri Solutions, with its parent.
This will be followed by the domestic crop protection business being demerged and transferred into a new entity, UPL Global Sustainable Agri Solutions Ltd. Finally, UPL Ltd will merge its foreign crop protection business, housed under UPL Corp., into this new entity, UPL Global Sustainable Agri Solutions.The businesses under UPL Global Sustainable Agri Solutions reported revenue of ₹9,721 crore in October-December, accounting for about 80% of parent UPL Ltd’s total revenue of ₹12,269 crore.
UPL Ltd, in a statement to the exchanges, claimed that UPL Global would be the world’s second-largest listed pure-play crop protection firm. Syngenta Crop Protection, the Swiss giant, with $13 billion in revenue, is the largest.To put it simply: UPL’s new independent entity will be much bigger than the parent.“By unifying our India and international crop protection businesses under UPL Global, we are creating a future-ready platform with the focus, agility and innovation needed to lead in a rapidly evolving market,” said Jai Shroff, chairman and Group CEO of UPL Ltd.
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