Tata Chemicals has received approval from the board, for the sale of its Haldia fertilizer unit in West Bengal to Netherlands-based Indorama Holdings BV for Rs.375 crore.

The company in a regulatory filing stated that, its board has approved the sale of the Phosphatic fertilizer business by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV.

Further it said, “The transaction would involve transfer of Haldia plant, trading business of bulk and non-bulk fertilizers along with immovable, movable properties, working capital and product brands but excluding outstanding subsidy amounts.”

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