The board of directors of Tata Chemicals, which met today, has approved an investment proposal of Rs 166 crore for one-third equity stake in Indo Maroc Phosphore S.A. (IMACID), Morocco.According to a release issued by Tata Chemicals to the BSE today, IMACID is a 50:50 joint venture between the Office Cherifien Des Phosphates (OCP) and Chambal Fertilisers & Chemicals (CFCL), and is engaged in the business of manufacturing phosphoric acid."Both OCP and CFCL would divest one-third of their holdings in IMACID in favour of the company," the release added.
