11.2.0.2 to 11.2.0.3 upgrade on windows is failing with "ORA-01078: failure in processing system pa

Dear Experts, 

   I am upgrading my database from 11.2.02 to 11.2.0.3 on Windows 2008(64 bit) server. When it is performing the PreUpgrade steps it is failing with the error

  ORA-01078: failure in processing system parameters 

    After aborting the upgrade process, I tried to start the instance and the startup is failing with the error

  SQL> STARTUP PFILE=F:\Oracle\product\11.2.0\dbhome_1\database\initUPGDEV1.ora

LRM-00116: syntax error at 'C:\ORACLEdispatc' following '='

ORA-01078: failure in processing system parameters

SQL>

  Below is my Parameter file, Trying to understand what is wrong here, Request your advise. 

compatible=11.2.0.2.0

control_files=K:\ORACLE\ORADATA\UPGDEV1\CONTROL01.CTL, K:\ORACLE\ORADATA\UPGDEV1\CONTROL02.CTL