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Tata Chemicals has announced the sale of its urea business to Yara for Rs 2,670 crore. The sale process has been expected to get complete in next 9-12 months.
Tata Chemicals has said in a BSE filing that “The urea business along with the assets, liabilities, contracts, deeds etc., shall be transferred and vested with Yara India pursuant to the scheme becoming effective on a slump sale basis.”
The company’s urea business had contributed 21.2 percent to the total turnover for last FY16.
