The deal is expected to extend beyond agrochemicals to include UPL’s gel-based water technologies, with the arrangement likely to be routed through its chemistry arm, Superform. Sources also suggest UPL could be tapped to supply a key intermediate for one of PepsiCo’s largest stimulant products.

UPL in talks with PepsiCo for multi-year global supply deal: Sources

CNBCTV18·author

Published Oct 03, 2025 | 6:50 AM GMT-04

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Indian agrochemicals major UPL is in advanced discussions with PepsiCo for a multi-year global supply agreement, CNBC-TV18 understands from sources. The proposed deal is expected to cover the use of UPL’s agrochemical solutions across PepsiCo’s global contract farming operations.

Along with crop protection products, the discussions also include the use of UPL’s gel-based water technologies. The deal, once finalised, is likely to be housed under UPL’s chemistry subsidiary, Superform. Sources further indicate that UPL may also be mandated to supply a key intermediate for one of PepsiCo’s largest stimulant products.

The agreement, if concluded, would mark a significant win for UPL and further strengthen its global presence. Both companies have yet to respond to CNBC-TV18’s queries on the development.

On Friday, the stock of UPL gained by nearly 2% to close the trading session at ₹674 per share. The Mumbai-headquartered company currently has a market capitalisation of ₹ 53,714 crore and has delivered returns of around 35% this year (2025).

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