Tata Chemicals Ltd., Mumbai, said on June 1 it has completed the sale of its Haldia phosphates plant in West Bengal and its bulk and non-bulk fertilizer trading business to IRC Agrochemicals Private Ltd., a wholly-owned subsidiary of Netherlands-based Indorama Holdings BV.
Tata, which announced the deal last November (GM Nov. 10, 2017), said it had completed the sale for Rs8,728.4 million ($130.2 million), subject to the usual post-completion adjustments. The divestment business was transferred to IRC AgroChemicals effective June 1.
The sale marks Tata’s exit from fertilizers following the earlier sale of its Babrala urea plant in Uttar Pradesh, and distribution business to Yara International ASA, Oslo. That deal was completed in January and valued at $421 million on a debt and cash free basis (GM Jan 12, p. 23). Tata said the sale of its fertilizer businesses is in line with its strategy to focus on its specialty chemical and food businesses.