The Competition Commission of India (CCI) on Wednesday said it has approved the purchase of a minority stake in UPL Sustainable Agri Solutions (UPL SAS) by TPG and Abu Dhabi Investment Authority (ADIA).
The deal has been cleared under the green channel route. Under this framework, a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair trade regulator.
In October, UPL announced that ADIA, TPG along with other investor will invest Rs 1,580 crore for a 9.09 per cent stake in its agri-tech platform UPL SAS.
"Given the absence of any horizontal overlaps or vertical or complementary links between the parties to the proposed combination. Therefore it is being notified under the green channel route," CCI said in a release.
UPL SAS is an Indian agro-chemical company engaged in the manufacture, marketing, and sales of various agro-chemicals such as insecticides, herbicides, and anti-sprouting agents.