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Business Economy


Tata Chemicals sells urea business to Yara Fertilisers

Mumbai, Aug 10 (UNI) Tata Chemicals today announced the sale of its urea business to Yara Fertilisers India Pvt Ltd for Rs 2,670 crore.
Board of directors of Tata Chemical said in a meeting today that ''Considered and accepted the recommendations of the Committee of Directors as well as the Audit Committee for 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 to Yara Fertilisers India Pvt Ltd,''
The deal is subject to all requisite regulatory and other approvals and sanction by the High Court/ National Company Law Tribunal (NCLT).
''The urea business along with the assets, liabilities, contracts, deeds etc, shall be transferred and vested with Yara India pursuant to the Scheme of Arrangement becoming effective on a slump sale basis i.e, in exchange of a lump sum consideration to be paid by Yara India,''the statement said.
The sale consideration is Rs. 2,670 crore, ''subject to certain adjustments after closing, as agreed between the parties in terms of the definitive agreements and the Scheme'', statement added.
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