Indorama Holdings BV is buying the non-bulk phosphatic business of Tata Chemicals Ltd for Rs. 375 crore.In a regulatory filing, the company said its board approved the sale of the Phosphatic fertiliser business by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV."The transaction would involve transfer of Haldia plant,...
Indorama Holdings BV is buying the non-bulk phosphatic business of Tata Chemicals Ltd for Rs. 375 crore.
In a regulatory filing, the company said its board approved the sale of the Phosphatic fertiliser business by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV.
"The transaction would involve transfer of Haldia plant, trading business of bulk and non-bulk fertilisers along with immovable, movable properties, working capital and product brands but excluding outstanding subsidy amounts," it said.
The board also approved the execution of definitive agreements in this regard subject to regulatory approvals. Tata Chemicals Managing Director R Mukundan, Commenting on the development said, "The company continues to move forward on its strategy to focus on speciality chemicals and consumer food business while maintaining leadership in Inorganic Chemicals Business."
AZB & Partners advised Tata Chemicals and the team was led by Partners Darshika Kothari and Anand Prasad along with Associate Shriram Shah.
Chandhiok & Associates acted for Indorama Holdings BV with a team led by Managing Partner Pooja Mahajan along with Senior Associate Krishna Jhala, and Associates Savar Mahajan and Jagrat Rawal.
Karan Singh Chandhiok along with Kalyani Singh and Sarthak Pande are advising on the competition law aspects of the transaction.