Tata Chemicals exits fertiliser business; completes sale of Haldia unit in West Bengal

By: |
New Delhi | Published: June 1, 2018 2:49:03 PM

Tata Chemicals today said it has completed the sale of its Haldia fertiliser unit in West Bengal and the trading business to Netherlands-based Indorama Holdings BV for Rs 872.84 crore.

tata chemicals, fertiliser, tata fertiliser business, haldia, tata chemicals haldia, west bengalTata Chemicals today said it has completed the sale of its Haldia fertiliser unit in West Bengal and the trading business to Netherlands-based Indorama Holdings BV for Rs 872.84 crore.

Tata Chemicals today said it has completed the sale of its Haldia fertiliser unit in West Bengal and the trading business to Netherlands-based Indorama Holdings BV for Rs 872.84 crore. In a regulatory filing, the company said it has sold the Phosphatic fertiliser business and the trading business comprising bulk and non-bulk fertilisers by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV. “The company has received a consideration of Rs 872.84 crores (subject to usual post completion adjustments) from IRC today,” Tata Chemicals said in the filing. The consideration includes Rs 572.76 crore cash and letters of credit/bank guarantees. Subsidy receivables were not included in the transaction. Thus, on completion of the transaction, the divestment business of the company stands transferred to IRC Agrochemicals effective June 1, 2018, it added. Tata Chemicals had recently said that its divestment was in line with its strategic direction to focus on speciality chemical and food businesses while maintaining leadership in inorganic chemicals. Shares of the company were trading down by 0.56 per cent at Rs 735.40 on BSE in the afternoon.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Maruti, Hyundai, Mercedes offer teaser car loans as RBI softens stance
2PM Modi’s Rs 3 lakh crore MSME loan scheme sanctioned this much amount in just one day
3Samsung launches budget Galaxy M01, Galaxy M11 phones in India; price starts at Rs 8,999