 "Top firms exit fertiliser biz on delayed subsidy payouts, falling margins")
After a long delay, Aditya Birla Group’s flagship firm Grasim Industries sold its fertiliser business on Thursday within two years of Tata Group exiting the sector, citing falling returns and delay in getting subsidy payments from the Indian government.
Aditya Birla Group sold the business to Indorama Corporation for Rs 2,649 crore.
Tata Chemicals had sold its urea business to Norway's Yara Fertilisers India for Rs 2,682 crore in 2018.
While company officials termed it "value unlocking", industry insiders claimed that falling margins in a highly regulated sector is the primary reason for divestment by Indian companies.
In June this
