The Abu Dhabi Investment Authority will help improve outlooks for firms in India. Delores Johnson / The National
The Abu Dhabi Investment Authority will help improve outlooks for firms in India. Delores Johnson / The National
The Abu Dhabi Investment Authority will help improve outlooks for firms in India. Delores Johnson / The National
The Abu Dhabi Investment Authority will help improve outlooks for firms in India. Delores Johnson / The National

Adia to invest in India's UPL to back its $4.2bn acquisition of Platform Specialty's agro-chemical unit


Deena Kamel
  • English
  • Arabic

The Abu Dhabi Investment Authority is investing in India's UPL to back its acquisition of Platform Specialty Products' agro-chemicals business.

Adia and alternative asset management firm TPG will invest $600 million each for a combined stake of 22 per cent in UPL to help it fund a $4.2 billion deal to buy Platform's unit Arysta LifeScience, Adia said in a statement on Friday.

Adia's investment "aligns with our strategy of partnering with best-in-class businesses to support and accelerate their growth plans," Hamad Shahwan Aldhaheri, executive director of private equities department at Adia, said. "The combination of Arysta and UPL Corp will create a leading crop protection business with a global footprint and diversified product portfolio supported by a strong manufacturing and R&D expertise."

The $4.2 bn cash deal is expected to close late this year or early next year, Platform Specialty Products said in a separate statement on Friday. The transaction will separate its agricultural solutions unit, leaving it with a portfolio of chemicals-focused businesses. It will change its name to Element Solutions following the closing of the deal and will use the proceeds to pay down its debts.

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“This transaction with UPL creates an agricultural chemicals powerhouse with highly complementary capabilities,” Martin E. Franklin, Platform's chairman said in the statement.

The acquisition will help UPL reach more than 130 countries with more than 12,800 products and be well poised for further expansion in its sector, according to TPG.

"This is a landmark transaction that will foster a strong value proposition for the entire ecosystem of growers, distributors, suppliers and innovation partners," Puneet Bhatia, co-managing partner of TPG Capital Asia, said.

UAE currency: the story behind the money in your pockets
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Russia's Muslim Heartlands

Dominic Rubin, Oxford

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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UAE currency: the story behind the money in your pockets
Kat Wightman's tips on how to create zones in large spaces

 

  • Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
  • Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
  • Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

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The Pope's itinerary

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

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UAE currency: the story behind the money in your pockets