Tata Chem buys 33% stake in Morocco firm

Mumbai, March 23 | Updated: Mar 24 2005, 05:44am hrs
Tata Chemicals Ltd said on Monday that it has acquired a 33% stake in Morocco-based chemical company, Indo Maroc Phosphore S.A. (IMACID) for a consideration of Rs 133 crore. IMACID is engaged in the manufacturing of phosphoric acid. Tata Chem said the transaction is subject to regulatory and other approvals adding, "Tata Chemicals will nominate its representatives on the IMACID board as non-executive directors after the agreements are signed in the next few weeks.

IMACID was promoted in 1997 as a JV between Office Cherifien des Phosphates, Morocco, (OCP) a state-owned company incorporated in the Kingdom of Morocco and Chambal Fertilisers and Chemicals Ltd.

Post acquisition, the three promoters - Tata Chemicals, Office Cherifien and Chambal Fertilisers will hold 33% each in IMACID.