Tata Chemicals Board of Directors has recently considered and accepted the recommendations of the committee of directors as well as the audit committee for the transfer of the business of sale and distribution of urea and customised fertilisers, manufactured by the company at its plants located in Babrala, Uttar Pradesh (Urea Business), by way of a slump sale by the company to Yara Fertilisers India Private Limited (Yara India) pursuant to a scheme of arrangement (Scheme) approved by the board subject to all requisite regulatory and other approvals and sanction by the High Court/ National Company Law Tribunal (NCLT) in the manner agreed by the company and Yara.
The Urea Business along with the assets, liabilities, contracts, deeds etc., shall be transferred and vested with Yara India pursuant to the Scheme becoming effective on a slump sale basis. Tata Chemicals board of directors also approved the execution of definitive agreements between the company, Yara India, and Yara International ASA (Yara) regarding the sale and transfer of the Urea Business from the company to Yara India pursuant to the Scheme subject to satisfaction of conditions precedent including the Scheme being effective and all regulatory and other approvals as may be required.