UPL to create listed crop protection platform

UPL to create listed crop protection platform

UPL to Create Listed Crop Protection Platform Amid Strategic Restructuring

UPL Limited, a global agri-chemicals company, is advancing plans to consolidate its global and local crop protection businesses into a unified listed platform. This move follows a major reorganization in 2022, which separated the two divisions, and aims to streamline operations while unlocking value for shareholders. The company has not yet announced a formal timeline for the restructuring but is expected to provide updates soon.

The decision to combine the businesses stems from overlapping ownership structures, with key stakeholders such as Abu Dhabi Investment Authority (ADIA) and TPG holding stakes in both entities. ADIA and TPG previously invested $1.2 billion to support UPL's 2018 acquisition of Arysta Crop Sciences, a deal that significantly expanded its global footprint. The 2022 restructuring saw the spin-off of the seeds business into a separate entity, Advanta, which is now pursuing an IPO to raise approximately $350 million.

Simultaneously, UPL has strengthened its global capital market presence by listing its existing Global Depository Receipts (GDRs) on the NSE International Exchange (NSE IX), becoming the first Indian company to do so. The secondary listing, effective January 30, 2026, enhances liquidity and accessibility for international investors while aligning with UPL's strategy to diversify funding sources. The company's GDRs remain listed on Singapore Exchange (SGX) and the London Stock Exchange.

UPL's debt burden, largely from the Arysta acquisition, remains a focus, with total debt nearing ₹30,000 crore as of early 2025. However, Moody's upgraded its outlook to "stable" in August 2025, citing improved working capital management and projected EBITDA margins of 18%. The crop protection platform's consolidation could further bolster operational efficiency amid modest revenue growth expectations of 4% for fiscal 2025–2026.

The restructuring and listings underscore UPL's commitment to positioning itself as a global agricultural solutions provider, with expanded access to international capital markets and a sharper focus on crop protection innovation.