According to the company, its board of directors accepted the recommendations of the "Committee of Directors" for disposal and transfer of the phosphatic fertilisers business by way of a slump sale.
"The transaction would involve transfer of Haldia Plant, trading business of bulk and non-bulk fertilisers along with immovable, movable properties, working capital and product brands but excluding outstanding subsidy amounts,".
"The lump sum consideration for the transfer of the phosphatic business of the company by way of a slump sale is Rs 375 crore, subject to certain adjustments after closing, as agreed between the parties in terms of the business transfer agreement (BTA)."
The company said that this divestment is in line with its strategic direction to focus on specialty chemical and food businesses, while maintaining leadership in inorganic chemicals and exiting the fertiliser business.
IRC Agrochemicals is a wholly owned subsidiary of Indorama Holdings BV, Netherlands.