Tata Chemicals completes sale of urea biz to Yara Fertilisers

The deal included transfer of all assets and liabilities (working capital) of the Babrala plant in Uttar Pradesh. It is the first foreign direct investment in the highly regulated urea sector.

Yara Fertilisers India is a subsidiary of Norway-based Yara International ASA.

In a regulatory filing, Tata Chemicals said: "The sale and transfer of urea and customised fertilisers business to Yara as contemplated in the scheme of arrangement has been completed on Friday."

The sale has been completed after the receipt of requisite regulatory approvals, fulfilment of conditions precedent and sanction of the National Company Law Tribunal, Mumbai, it said.

The company has received the consideration of Rs 2,682 crore (subject to post completion working capital adjustments) from Yara on January 12, 2018, it added.

Yara s current turnover of $40 million in India will increase to $350 million, he added. The Babrala plant, which was commissioned in 1994, is the most energy-efficient plant in India with energy efficiency on par with Yara's best plants across the globe.