Aditya Birla Group's Grasim Industries, on Thursday agreed to sell its fertiliser business, Indo Gulf Fertilisers (IGF), by way of a slump sale to Indorama India Private Ltd (IIP) for a cash consideration of Rs 2,649 crore. Under section 2(42C) of Income -tax Act 1961, a 'slump sale' means the transfer of one or more undertakings for a lump sum amount, without values being assigned to individual assets and liabilities.
IIP is a subsidiary of Indorama Corporation Pte. Ltd, Singapore (Indorama Corporation). Indo Gulf Fertilisers is engaged in manufacturing, trading, ...
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