In talks with Indorama Holdings, Netherlands for potential transaction
Tata Chemicals announced that the Company is in advanced stages of discussions and negotiations with Indorama Holdings BV, Netherlands (subsidiary of Indorama Corporation, Singapore), for the potential sale of its Phosphatic Fertiliser Business located at Haldia and the trading business comprising of bulk and non-bulk fertilisers. The Parties have a mutually agreed exclusivity agreement in this regard which expires on 31 October, 2017.The potential transaction would be subject to due diligence, agreement on the definitive documents and approvals from the Board, Shareholders and Regulatory Authorities as may be required, and there is no certainty of the transaction being completed. The transaction if materialized would involve transfer of Haldia Plant, Trading Business along with immovable, movable properties, working capital and product brands but excluding outstanding subsidy amounts. The Company is expected to receive consideration in the range of Rs. 400 crore to Rs. 500 crore.
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