UPL to restructure business units, to demerge India crop protection ops
This story was originally published at 19:54 IST on 20 February 2026
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--UPL to merge UPL Sustainable Agri Solutions with itself
--UPL to demerge India crop protection ops in to UPL Global Sustainable Agri
--UPL Crop Protection Holdings to merge into UPL Global Sustainable Agri
--UPL to list UPL Global Sustainable Agri Solutions on exchanges
--UPL: Want to consolidate India crop protection ops under single entity
HYDERABAD - The board of directors of UPL Ltd. Friday approved a group reorganisation plan aimed at unlocking shareholder value through the creation of a focused, independent crop protection platform, the company said in a press release. The restructuring will be carried out through a composite scheme of arrangement and will consolidate the company's India and international crop protection businesses under a new listed entity called UPL Global Sustainable Agri Solutions Ltd. Subsequently, the India crop protection business will be vertically demerged into UPL Global.
As part of the plan, UPL Sustainable Agri Solutions Ltd., the company's India crop protection arm in which UPL holds nearly 91% stake, will be merged into UPL. In the final step, UPL Crop Protection Holdings Ltd., which houses the international crop protection business and in which UPL holds nearly 78% stake, will be merged into UPL Global.
Post-reorganisation, there will be two listed entities – UPL Ltd., which will continue as a diversified agriculture and specialty chemicals platform, and UPL Global Sustainable Agri Solutions, which will operate as a pure-play crop protection company with integrated India and global operations.
No cash consideration will be payable under the restructuring scheme, UPL said. The consideration for the amalgamations will be discharged through the issuance of equity shares. Post the demerger, shareholders of UPL will get one share of UPL Global for each share held in the company.
Under the merger plan 1, UPL will issue 1,000 equity shares of INR 2 each, fully paid-up, for every 48 equity shares of UPL Sustainable Agri Solutions of INR 10 each, fully paid-up, to the eligible shareholders as defined in the scheme.
Under merger plan 2, UPL Global will issue 1,000 equity shares of INR 2 each, fully paid-up, for every 213 equity shares of UPL Crop Protection Holdings of $1 each, fully paid-up, to the eligible shareholders as defined in the scheme. The board has approved the share exchange and entitlement ratios based on recommendations from independent valuers, UPL said.
The plan is expected to be completed within 12–15 months, subject to approvals from the Securities and Exchange Board of India, Competition Commission of India, Reserve Bank of India, stock exchanges, the National Company Law Tribunal, and other statutory authorities, as well as shareholders and creditors of the respective companies.
UPL said the move is expected to simplify the group structure, enhance synergies across research, manufacturing and market access, and enable clearer value discovery for investors. The new structure will also allow both entities to raise capital independently and pursue growth opportunities with greater financial and strategic flexibility.
As per the approved plan, all the existing promoters will continue to hold their shareholding in the UPL Global for 18 months from the date of listing on stock exchanges. On Friday, shares of UPL ended at INR 752.35 on the National Stock Exchange, down 1.7% from the previous close. End
US$1 = INR 90.98
Reported by Narayana Krishna
Edited by Ashish Shirke
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