PCCPL to sell Agro Formulation Division’s fixed assets to Coromandel Agrico

Punjab Chemicals & Crop Protection’s (PCCPL), board of directors at its meeting held on July 18, 2013, has approved to sell, transfer or dispose off the Agro Formulation Division of the Company comprising of all fixed assets located at Nandesari, Vadodara, Lote Parshuram and Flat at Vadodara to Coromandel Agrico Private by way of slump sale, subject to the approval of the shareholders, regulatory authorities and lenders. Candle Partners is the exclusive financial advisors and Phoenix Legal is the legal advisors to the Company on this transaction. 

The board has  also approved to sell, convey, transfer, deliver or dispose off the business conducted at Pune Unit of Industrial Chemicals Division of the Company, alongwith or without rights of the Company as may be feasible or possible, either on a going concern basis or in parts or otherwise, including assets, title, interest and obligations, subject to the approval of the shareholders, regulatory authorities and hmders and on the terms and conditions and consideration amount as may be finalised by the Board of Directors of the Company.

Punjab Chemicals & Crop Protection (PCCPL), incorporated in 1975, operates various divisions namely agro chemicals, industrial chemical, pharmaceutical and International trading. Previously known as Punjab Chemicals & Pharmaceuticals (PCPL), the company is engaged in manufacturing of agrochemicals, pharmaceutical intermediates, APIs, phosphorous derivatives and specialty chemicals