HOME > BUSINESS > Tata Chemicals sells urea business to European company

Tata Chemicals sells urea business to European company

Tata Chemicals said it sold its urea business to Europe-based Yara for Rs 2670 crore.

Yara sells farmers’ products.

Tata Chemicals will continue to own the brands Paras, TKS and Daksha. This transaction
does not include specialty products and complex fertilisers, the company added.

”This process of divestment by Tata Chemicals Limited is in line with the strategic direction of the company to continue to strengthen the Fertiliser businesses by partnerships and/or transfer of ownership to world class companies.The Urea business will now have the benefit of International network of Yara and its global expertise,” the company said.

The Urea Business along with the assets, liabilities, contracts, deeds etc., shall be transferred and vested with Yara India pursuant to the Scheme becoming effective on a slump sale basis i.e., in exchange of a lump sum consideration to be paid by Yara India to the Company, on the terms and conditions as agreed between by the company and Yara

The investment of the Urea Business by Tata Chemicals will unlock value for the Company, strengthen its Balance Sheet and will help to pursue growth potentials and opportunities in line with its strategic directions, Tata said.

“This process of divestment by Tata Chemicals Limited is in line with the strategic direction of the company to continue to strengthen the Fertiliser businesses by partnerships and/or transfer of ownership to world class companies.”

Follow ULTRA.news
Reliance Capital receives Rs 378 cr from Nippon Life for AMC stake Anil Ambani Group's Reliance Capital said it received Rs. 378 crore from Nippon Life Insurance, one of the largest life insurers in the world, after the foreign company increased its stake in Reliance Nippon Life Asset Management Limited to 49%.The original agreement to incre...
Bajaj Auto, KTM decide to invest into Husqvarna motorcycle brand Bajaj Auto said it agreed with its Austrian associate KTM to expand the brand sales and shift some of the production of Husqvarna motorcycles to Bajaj's factory in Chakan, Maharashtra.The brand Husqvarna, founded in 1903 in Italy, used to be owned by BMW at one time. It was b...
News Corp buys Bangalore-based media software firm GyanMatrix Rupert Murdoch's News Corp announced yet another acquisition in India with the agreement to purchase Bangalore-based GyanMatrix Services Private Limited.P Hariharan, founder GyanMatrixThe company, which provides software solutions for media and publishing companies, will...
HPCL appoints bankers for Rs 6,000 cr FCCB issue Hindustan Petroleum Corp Ltd said it had appointed banking intermediaries for organizing investor meetings in the run up to raising Rs 6,000 cr ($930 mln) by selling foreign-currency denominated bonds.The bonds will be non-convertible, and will be issued if the meetings disco...
Anil Ambani Group ties up with Thales for Rafale contracts Reliance Defence, the defence manufacturing arm of the Anil Ambani group, said it will form a joint venture in India with global defence manufacturer Thales to carry out some contracts related to the Rafale jet deal.The Indian company will hold 51% of the equity while the fo...
Axis Bank confirms exiting POS maker Mswipe Axis Bank confirmed it had sold its 8% share in new-generation card-swiping-machine company Mswipe Technologies.In a regulatory filing, the private sector bank said it sold its 8% stake for Rs 80.94 cr, or Rs 4,249 per share.Mswipe is one of the new generation, low-cost ...
Grasim-Adiya Birla Nuvo merger approved, ABFSL listing soon The Aditya Birla Group said it got the approval of the Company Law Tribunal for the merger of Aditya Birla Nuvo Ltd and Grasim industries Ltd and the listing of Aditya Birla Financial Services Ltd.The approval was obtained from the Ahmedabad bench."The approved Scheme ha...
Sun TV could benefit from RCom’s financial troubles Newer equipment from Reliance Digital TV come with Chois HD 4K brandingSun Direct, the DTH arm of Sun TV, could end up benefiting from the financial troubles faced by Anil Ambani Group's Reliance Communications.Speaking to media yesterday, Reliance Communications top hon...
Bharti Airtel gets SEBI and stock exchange nod for Telenor acquisition Bharti Airtel said it received the approval of the Securities and Exchange Board of India, BSE and National Stock Exchange of India for its proposed merger with Telenor India. Bharti Airtel further stated that Telenor India and Airtel have today filed the joint company appli...
RCom shareholders approve Aircel merger The shareholders of Reliance Communications approved the demerger of the wireless operations of the company into Aircel Limited and Dishnet Wireless Limited, the Anil Ambani Group company said.The Scheme was also approved at a meeting called on the directions of the National ...
Airtel buys high-capacity 4G spectrum from Tikona in five circles Airtel Chairman Sunil MittalBharti Airtel said it has agreed to buy 4G spectrum from Tikona Digital Networks in five telecom circles, giving the company a pan-India footprint in the crucial capacity band and helping it compete on an even footing with Reliance Jio.Airtel ...
Vodafone Idea merger to save Rs 7,000 cr per year; one-time cost Rs 3,000 cr The Idea Cellular-Vodafone merger announced today will save about Rs 14,000 cr in operating expenses per year for the combined entity after four years of merger, the two companies said.However, due to the applicability of spectrum caps on the combined entity, the deal will al...
Competition Commission clears RCom-Aircel merger Anil Ambani Group said the Competition Commission of India has cleared the merger of its telecom unit Reliance Communications with the wireless operations of Aircel Cellular, owned by Maxis Berhad of Malaysia.The clearance was expected since the two companies have very small ...
MTNL says not aware of BSNL merger talks; stock up 16% Mahanagar Telephone Nigam Ltd, the state-owned telecommunications operator in the metro areas of Delhi and Mumbai, said it was not aware of any 'restarting' of talks related to its merger with Bharat Sanchar Nigam Ltd, the pan-India telecom operator owned by the public."We ar...
Bharti Airtel buys Telenor India In a surprise announcement, Bharti Airtel said it was taking over Telenor India, marking the first such transaction since Idea took over Spice Telecom several years ago.Typically, companies in Indian telecom sector sell only assets, such as spectrum, and never the whole unit,...
India Oil, BPCL, HPCL merger will reduce wastage of resources- Fitch A proposed merger of Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp will reduce inefficiencies across the sector and result in enormous savings, ratings agency Fitch said.It would also create an entity that is better placed to compete globally for resourc...
Wipro buys InfoSERVER, a Brazilian IT outsourcing company Weeks after acquiring Appirio, Wipro is at it again. This time, it is buying InfoSERVER, an IT services provider focused on the Brazilian market, for $8.7 Mn (Rs 60 cr). Two-decade old InfoSERVER provides custom application development and software deployment services, th...
Idea Cellular – Vodafone merger announcement soon? Idea Spectrum HoldingIdea Cellular has put off the trimonthly meeting of its board of directors scheduled to take place tomorrow, raising speculation that it may soon announce a merger or deal with Vodafone India.The meeting was supposed to take on-board results  of the ...
Tata Steel acquires Brahmani River Pellets at Rs 900 cr EV Tata Steel Limited said that it has executed definitive agreements to acquire 100% equity shares of Brahmani River Pellets Limited (BRPL) from Aryan Mining and Trading Corpn Private Limited (AMTC) and other companies in the Moorgate Industries Group (MIG).The transaction...
Reliance Communications sells its towers to Brookfield for $1.6 bln Reliance Communications Ltd announced the signing of binding agreements with Brookfield Infrastructure for the sale of nationwide tower assets to Brookfield Infrastructure Partners LP and its institutional partners.RCOM will receive an upfront cash payment of Rs. 11,000 c...
Cipla redraws Iran plans with new agreement, to invest Rs 121 cr Cipla said its wholly owned subsidiary of the Company in Netherlands will set up a 75% joint venture with Ahran Tejarat Company for manufacturing and marketing of pharmaceutical products in Iran.An earlier agreement executed by the Company with the Iranian firm has been termi...
Anil Ambani’s Reliance Infra sells transmission assets to Adani Following on the heels of its announcement to sell its transmission assets to Adani Group, Reliance Infrastructure today said it has signed a share purchase agreement with Adani Transmission for the sale of 100% of its Western Region System Strengthening Scheme Transmission Asset...
FULL TEXT: Ratan Tata’s statement on Demonetization Ratan Tata courtsey:tata.comRatan Tata, one of the most respected business figures in India and the chairman of Tata Trusts, has drawn attention to the practical difficulties faced by ordinary citizens in dealing with the ongoing currency exchange program.Tata, who was o...
Anil Ambani Group sells 2 TV channels, 59 FM stations to Zee Subash Chandra's Zee Group is buying the general entertainment channels and FM radio business of the Anil Ambani group.Because of lock-in provisions, the acquisition of 59 FM radio licenses will be done in two stages.The FM channels are being broadcast under the brand “92...
Anil Ambani group sells Big Magic, Ganga to Zee Entertainment Zee Entertainment Enterprises said it is acquiring the General Entertainment Broadcasting Business of Reliance Big Broadcasting Private Limited, Big Magic Limited & Azalia Broadcast Private Limited, all part of Anil Ambani led Reliance Group.The TV Broadcasting business o...