Tata Chem sells Hal­dia plant to In­do­rama for 375 cr

Chemical Industry Digest - - News & Views -

The board of Tata Chem­i­cals Ltd has ap­proved the sale of its non-bulk phos­phatic busi­ness to IRC Agro­chem­i­cals for ` 375 crore. IRC Agro­chem­i­cals is a wholly owned sub­sidiary of the Nether­lands-based In­do­rama Hold­ings BV.

The trans­ac­tion will in­volve sale of the fer­til­izer busi­ness, the as­sets at­tached to it as well as the com­pany’s Hal­dia plant, Tata Chem­i­cals said. The plant pro­duces DAP (Di Am­mo­nium Phos­phate) and NPK (Ni­tro­gen, Phos­pho­rous, and Po­tash) fer­tilis­ers, sul­phuric acid, phos­phoric acid, sodium tripolyphos­phate crop nu­tri­tion.

The Hal­dia plant (fer­tilis­ers seg­ment) was tem­po­rar­ily closed ear­lier this year be­cause of the am­mo­nia pipe­line re­lo­ca­tion project and com­mis­sion­ing and a no- ` tice is­sued by the Cen­tral Pol­lu­tion Con­trol Board. The de­lay in sub­sidy re­ceiv­able from the gov­ern­ment is one of the rea­sons for Tata Chem­i­cals to quit fer­tiliser busi­ness. As of June quar­ter, the sub­sidy re­ceiv­able by Tata Chem­i­cals from the gov­ern­ment is about ` 1,101 crore.

R Mukun­dan, Man­ag­ing Di­rec­tor, Tata Chem­i­cals, 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.

R Mukun­dan

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.