NCLT sanctions the transfer of Tata Chemicals’ Urea and customised fertilisers business to Yara Fertilisers
New Delhi, Dec 12 (IBNS): Tata Chemicals has announced that National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned the Scheme of Arrangement between Tata Chemicals Limited (TCL) and Yara Fertilisers lndia Private Limited for the transfer of TCL’s urea and customised fertilisers business to Yara by way of a slump sale.
The urea and customised fertilisers are manufactured by Tata Chemicals at its plants located in Babrala, Uttar Pradesh.
In a notice to the exchanges, Tata Chemicals informed that the order was delivered by NCLT on December 7, 2017, and that the certified copy of the same is awaited.
In August, 2016, Tata Chemicals had announced the sale of its urea and customised fertiliser business to Yara Fertilisers India, a wholly-owned arm of Norway-based Yara International ASA, for ₹2,670 crore. The deal included the transfer of all assets and liabilities (working capital) relating to the Babrala plant in Uttar Pradesh.
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