Tata Chemicals has received approval from majority of shareholders for sale of its Haldia fertiliser unit in West Bengal to Netherlands-based Indorama Holdings BV for Rs 375 crore. The company had sought approval from the shareholders through a special resolution.
Earlier, the board had already approved the sale of the Phosphatic fertiliser business by way of slump sale on a going concern basis to IRC Agrochemicals, a wholly-owned subsidiary of Indorama Holdings BV.
Tata Chemicals is the second-largest producer of soda ash in the world with manufacturing facilities in India, UK, Kenya and USA. It is India’s leading crop nutrients player and a leading player in crop protection business through its subsidiary Rallis India.