Global sustainable agriculture solutions leader UPL Limited has successfully completed the secondary listing of its existing Global Depository Receipt (GDR) programme on the NSE International Exchange (NSE IX). The listing became effective on January 30, 2026, making UPL the first Indian issuer to secure a secondary GDR listing on this international platform.
To mark the milestone, NSE IX hosted an official bell-ringing ceremony at the NSE Exchange Plaza in Mumbai. The GDR listing has been executed at GIFT IFSC, India’s emerging international financial services hub. The development is widely viewed as a significant step in strengthening India’s global capital markets footprint and enhancing the role of GIFT IFSC as a competitive international financial centre.
UPL’s GDRs are already listed on the Singapore Exchange (SGX) and are also admitted to trading on the International Order Book (IOB) platform of the London Stock Exchange (LSE). By adding NSE IX as a secondary listing venue, UPL aims to provide greater trading flexibility, enhanced liquidity, and broader market access for global investors.
Commenting on the achievement, UPL Chairman and Group CEO Jai Shroff said the initiative by NSE IX to position India’s capital markets on the global stage is commendable. He noted that the listing underscores UPL’s commitment to offering diversified investment opportunities to international investors while adhering to the highest regulatory standards. The move is expected to strengthen liquidity options for GDR holders and further enhance the company’s global visibility.
Group CFO Bikash Prasad described the listing as a reflection of UPL’s disciplined financial management and long-term capital strategy. He emphasized that becoming the first company to list GDRs on this platform expands both market access and structural flexibility for global investors.
V. Balasubramaniam, MD and CEO of NSE IX, welcomed UPL’s listing and stated that the development could serve as a benchmark for other issuers considering GIFT IFSC as a listing destination. He added that the move reinforces GIFT IFSC’s position as a growing international financial centre, facilitating efficient access to financial instruments for both Indian and overseas investors.
UPL operates in over 140 countries and generates annual revenues exceeding USD 5 billion, positioning it among the world’s leading agricultural companies. The successful secondary listing highlights not only UPL’s global ambitions but also India’s expanding influence in the international financial ecosystem.
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