Chambal Fertilisers & Chemicals has received an approval to transfer its textile business, i.e., Birla Textile Mills located in state of Himachal Pradesh, to Sutlej Textiles & Industries, as a going concern on slump sale basis. The board of directors at their meeting held on March 14, 2015 have approved for the same.
The aforesaid transaction is subject to requisite approvals as may be required. The parties are currently negotiating and finalizing the terms of the Business Purchase Agreement and the other transaction documents, and shall sign these documents as soon as there is consensus.
Chambal Fertilisers & Chemicals is one of the largest private sector fertilizer producers in India. It has three divisions catering agri products, shipping & textiles.
