Money Maker Research & Investment Advisor: TCL completes sale of urea biz to Yara Fertilizers

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Friday, 12 January 2018

TCL completes sale of urea biz to Yara Fertilizers

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Tata Chemicals Limited (TCL) has completed the sale of its urea and customized fertilizers business to Yara Fertilizers India Pvt Limited for Rs 2,682 crore. The company said in a BSE filing that sale and transfer of the business between the companies secured the final approval of the National Company Law Tribunal (NCLT).

TCL has received the consideration of Rs 2,682 crore, subject to post completion working capital adjustments from Yara Fertilizers on January 12, 2018, it said.

TCL’s profit after tax (PAT) increased by over 80% to Rs. 156.35 crore in the Q2 FY18 as against Rs. 86.52 crore in the Q2 FY17. The company had posted a 5.76% drop in it PAT to Rs. 557.88 crore in the fiscal year 2017 on a yearly basis.

Meantime, shares of Tata Chemicals Limited closed at Rs. 764.25, down by Rs. 6.75 or 0.88 on the NSE, Friday.

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