Tata Chemicals completes sale of urea biz to Yara Fertilisers for Rs 27 bn

Tata Chemicals has completed the sale of its urea and customised fertilisers business to Yara Fertilisers India Pvt Ltd for Rs 26.82 billion.

"The sale and transfer of urea and customised fertilisers business to Yara as contemplated in the scheme of arrangement has been completed on Friday after the receipt of requisite regulatory approvals, fulfilment of conditions precedent and sanction of the National Company Law Tribunal, Mumbai," Tata Chemicals said in a BSE filing.

The company has received the consideration of Rs 26.82 billion (subject to post completion working capital adjustments) from Yara on January 12, 2018, it added.

In August 2016, Tata Chemicals announced sale of its urea business to Yara. The sale was part of the company's plans to strengthen the fertiliser business by partnerships and/or transfer of ownership to world-class companies.

Shares of Tata Chemicals were trading 0.54 per cent up at Rs 775.05 per scrip on BSE.