India: Fertilizer Production Tata Completes Sale of Phosphatic Business to IRC Agrochemicals
Tata Chemicals has completed the sale and disposal of its Phosphatic Fertilisers business and the Trading business comprising bulk and non-bulk fertilisers, by way of a slump sale on a going concern basis, to IRC Agrochemicals.
Mumbai/India — The agreement follows the receipt of requisite regulatory approvals and fulfillment of Conditions Precedent as contemplated in the Business Transfer Agreement on November 6, 2017.
On completion of the transaction, the Divestment Business of the Company pursuant to the BTA stands transferred to IRC Agrochemicals effective June 1, 2018. Earlier this year the company also announced the completion of sale of the Urea business to Yara Fertilisers India.
According to R. Mukundan, Managing Director, Tata Chemicals, the sale of the fertilizer and regulated farm business was in line with their strategic direction to unlock value and pursue growth potential in their focus areas. The announced agreement was the first stage of transformation, he added. The company will continue to have a presence in the farm business through its subsidiary Rallis and Metahelix.