Tata Chemicals has sold its business of sale and distribution of Urea and customized fertilizers, manufactured at its plants located in Babrala, Uttar Pradesh, by way of a slump sale to Yara Fertilisers India pursuant to a scheme of arrangement approved by the Board subject to all requisite regulatory and other approvals and sanction by the High Court/ National Company Law Tribunal (NCLT) in the manner agreed by the Company and Yara.
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 i.e., in exchange of a lump sum consideration to be paid by Yara India to the company, on the terms and conditions as agreed between by the company and Yara.
The lump sum consideration for the transfer of the Urea Business of the company by way of a slump sale pursuant to the Scheme is Rs 2670 crore, subject to certain adjustments after closing, as agreed between the parties in terms of the definitive agreements and the Scheme.
