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Tata Chemicals concludes sale of Haldia unit

Tata Chemicals has concluded sale of  its Haldia fertilizer unit in West Bengal and the trading business to Netherlands based, Indorama Holdings BV for Rs.872.84 crore.

The company in a regulatory filing stated that, it has sold the Phosphatic fertilizer business and the trading business comprising bulk and non-bulk fertilizes, by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV.

Further, it stated that, on completion of the transaction, the divestment business of the company stands transferred to IRC Agrochemicals effective June 1, 2018 and the consideration includes Rs.572.76 crore cash and letters of credit/bank guarantees. Subsidy receivables were not included in the transaction.

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