New Delhi, The Competition Commission of India (CCI) on Tuesday cleared a restructuring proposal of UPL group entities that will consolidate the company’s domestic and global crop protection business.
CCI approved the proposed transaction involving UPL Ltd, UPL Sustainable Agri Solutions Ltd, UPL Global Sustainable Agri Solutions Ltd, UPL Crop Protection Holdings Ltd, TPG Upswing Ltd, Platinum Jasmine A 2018 Trust and Woodhall Holdings (DIFC) Ltd.
Under the transaction, UPL’s India crop protection business, housed under UPL SAS, and its global crop protection business, currently held under UPL Crop Protection Holdings and its subsidiaries, will be transferred to UPL Global Sustainable Agri Solutions.
The fair trade regulator said the proposed combination is a reorganisation exercise comprising a series of interconnected steps.
Following the completion of the deal, UPL Global Sustainable Agri Solutions, a wholly-owned subsidiary of UPL, will hold both the India and global crop protection businesses.
“CCI approves the proposed combination related to restructuring of UPL group companies and others,” the competition watchdog said in a post on X.
UPL is a global agri-solutions company engaged in research, development, manufacture, and sale of pesticides, insecticides, micronutrients, crop protection products, bio-solutions, seeds, and post-harvest treatments.
TPG Inc is a global investment firm, while Woodhall Holdings (DIFC) Ltd belongs to the Brookfield Group.
Platinum Jasmine A 2018 Trust (acting through its trustee, Platinum Owl C 2018 RSC Limited) is an investment entity owned and controlled by the Abu Dhabi Investment Authority.
In a separate release, the fair trade regulator approved the acquisition of Macquarie AirFinance Ltd by Dubai Aerospace Enterprise (DAE) Ltd through DAE Eirecam Designated Activity Company.
The Dubai-headquartered DAE Ltd is a globally active aircraft lessor, while DAE Eirecam Designated Activity Company is a downstream holding of DAE Ltd.
“CCI approves acquisition of Macquarie AirFinance Limited by Dubai Aerospace Enterprise (DAE) Ltd through DAE Eirecam Designated Activity Company,” the regulator said on X.
Macquarie AirFinance Ltd is also a globally active aircraft lessor.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
