<p> Tata Chemicals has decided to sell its urea and customised fertilisers business to Yara Fertilisers for Rs 2,670 crore. Founded in 1905, Yara has a worldwide presence, with close to 13,000 employees and sales to more than 150 countries.<br /><br /></p>.<p> “Tata Chemicals board 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 in Babrala, Uttar Pradesh, by way of a slump sale by the company to Yara Fertilisers India pursuant to a scheme of arrangement approved by the board subject to all requisite regulatory and other approvals and sanction by the High Court/National Company Law Tribunal in the manner agreed by the company and Yara,” Tata Chemicals said.<br /><br />The lump sum consideration for the transfer of the urea business of the company by way of a slump sale 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, the company said.<br /><br /> Tata Chemicals will continue to own the brands Paras, TKS and Daksha. This transaction does not include specialty products and complex fertilisers, the company said.<br /><br /> The divestment of the urea business will unlock value for the company, strengthen its balance sheet and will help pursue growth potentials and opportunities in line with its strategic directions, Tata Chemicals said.<br /><br /> The process of divestment by Tata Chemicals is in line with the strategic direction of the company to continue to strengthen the fertiliser business by partnerships and/or transfer of ownership to world class companies. The urea business will now have the benefit of international network of Yara and its global expertiser, the Tata group company said.<br /><br /> “This marks a decisive move on the part of the company to move forward on its strategy to build consumer business while maintaining leadership in inorganic chemicals business and focussing the farm business through its subsidiary Rallis and Metahelix. The company is pleased to have found a strong partner to parent its urea business,” Tata Chemicals managing director R Mukundan said.<br /><br /></p>
<p> Tata Chemicals has decided to sell its urea and customised fertilisers business to Yara Fertilisers for Rs 2,670 crore. Founded in 1905, Yara has a worldwide presence, with close to 13,000 employees and sales to more than 150 countries.<br /><br /></p>.<p> “Tata Chemicals board 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 in Babrala, Uttar Pradesh, by way of a slump sale by the company to Yara Fertilisers India pursuant to a scheme of arrangement approved by the board subject to all requisite regulatory and other approvals and sanction by the High Court/National Company Law Tribunal in the manner agreed by the company and Yara,” Tata Chemicals said.<br /><br />The lump sum consideration for the transfer of the urea business of the company by way of a slump sale 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, the company said.<br /><br /> Tata Chemicals will continue to own the brands Paras, TKS and Daksha. This transaction does not include specialty products and complex fertilisers, the company said.<br /><br /> The divestment of the urea business will unlock value for the company, strengthen its balance sheet and will help pursue growth potentials and opportunities in line with its strategic directions, Tata Chemicals said.<br /><br /> The process of divestment by Tata Chemicals is in line with the strategic direction of the company to continue to strengthen the fertiliser business by partnerships and/or transfer of ownership to world class companies. The urea business will now have the benefit of international network of Yara and its global expertiser, the Tata group company said.<br /><br /> “This marks a decisive move on the part of the company to move forward on its strategy to build consumer business while maintaining leadership in inorganic chemicals business and focussing the farm business through its subsidiary Rallis and Metahelix. The company is pleased to have found a strong partner to parent its urea business,” Tata Chemicals managing director R Mukundan said.<br /><br /></p>
