Contact
Your Financial Adviser Money Making MC
11Th
Aug 2016
Tata
Chemicals on Wednesday said it has sold its urea business to Yara
Fertilisers India Private Limited for a consideration of Rs2,670
crore.
"The
Board of Directors has accepted the transfer of the business of sale
and distribution of urea and customised fertilisers, manufactured by
the company at its plants located in Babrala, Uttar Pradesh, by way
of a slump sale by the company to Yara Fertilisers India Private
Limited," the company said in a filing to BSE.The Total
Investment & Insurance Solutions
The
lump sum consideration for the transfer of the urea business of the
company by way of a slump sale pursuant to the scheme is Rs2,670
crore, the filing said.The Total Investment & Insurance Solutions
The
company said divestment of the urea business would unlock value for
the company, strengthen its balance sheet and would help to pursue
growth potentials and opportunities in line with its strategic
directions.
"This
marks a decisive move on the part of the company to move forward on
its strategy to build consumer business while maintaining leadership
in inorganic chemicals business and focusing the farm business
through its subsidiary Rallis and Metahelix," said the company's
MD R. Mukundan.
Yara
India is the Indian arm of Norway's Yara International ASA and it
imports, sells and distributes plant nutrition products in the
country.
"The
urea business will now have the benefit of international network of
Yara and its global expertise... The company will continue to own the
brands Paras, TKS and Daksha. This transaction does not include
specialty products and complex fertilisers," the filing said.The
Total Investment & Insurance Solutions
No comments:
Post a Comment