New Delhi, Feb. 21 -- 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 tran...