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Tata Chemicals closes 8.73B rupee sale of fertilizers business

Tata Chemicals Ltd. said June 1 that it completed the sale of its phosphate fertilizers business, and the bulk and non-bulk fertilizers trading business to Indorama Holdings BV unit IRC Agrochemicals Private Ltd. for 8.73 billion Indian rupees.

The consideration included 5.73 billion rupees in cash and the balance via letters of credit/bank guarantees.

"The sale of the fertilizer and regulated farm business is in line with our strategic direction to unlock value and pursue growth potential in our focus areas. With today's announcement, I am pleased to say that we have successfully completed our first stage of transformation," said R. Mukundan, Tata Chemicals' managing director.

The company intends to focus on specialty chemicals and consumer foods, while maintaining leadership in the inorganic chemicals business, Mukundan added.

Earlier in the year, the company closed the sale of its urea business to Yara International ASA unit Yara Fertilisers India for 26.82 billion rupees.

As of June 1, US$1 was equivalent to 66.97 Indian rupees.