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.