Chambal Fertilisers & Chemicals today said its board has given approval to sell entire shipping business or dispose off all five ships/vessels owned by the company.
The company requires fund to set up new ammonia-urea project in Rajasthan.
The Board of Directors, at its meeting held today, gave "in-principle consent to the: (i) sale or disposal of one or more or all of the 5 ships/ vessels owned by the company; or (ii) sell, transfer or dispose-off the entire shipping undertaking/business of the company on slump sale basis or some other appropriate structure."
The decision was taken after keeping in view the long-term shipping business outlook and the requirement of funds for new Ammonia-Urea Project proposed to be set up by the company at Kota, Rajasthan.
The proposed transactions would be consummated as and when the company receives commercially viable and acceptable offers from third parties in this regard, it added.
Further, the board also recommended to the shareholders of the company for authorising the board to sell/dispose-off one or more or all vessels/ships or the entire shipping business/undertaking of the company.
The approval of the shareholders will be taken through postal ballot.
