Tata Chemicals today said that it has sold its urea business to Yara for Rs 2,670 crore. The company expects to complete the sale process in next 9-12 months. “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,” Tata Chemicals said in a BSE filing. The urea business had contributed 21.2 percent to the total turnover of the company for last FY16. The company had first initiated process to sell the segment in 2014, but a deal could not be struck due to high asking price. Post the news, at 12:27 hrs, Tata Chemicals was quoting at Rs 494.05, up Rs 31.05, or 6.71 percent. It also touched a 52-week high of Rs 502.85.
a slump sale basis,” Tata Chemicals said in a BSE filing. The urea business had contributed 21.2 percent to the total turnover of the company for last FY16. The company had first initiated process to sell the segment in 2014, but a deal could not be struck due to high asking price. Post the news, at 12:27 hrs, Tata Chemicals was quoting at Rs 494.05, up Rs 31.05, or 6.71 percent. It also touched a 52-week high of Rs 502.85.
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