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, and sale of urea and other agri-inputs with a 1.2