Grasim to sell fertilizer arm for ₹ 2,649 crore

The board of Grasim Industries Ltd. has approved the divestment of the company’s fertilizer business, Indo Gulf Fertilizers by way of a slump sale to Indorama India Pvt. Ltd., a subsidiary of Indorama Corporation Pte. Ltd., Singapore for a lump sum cash consideration of ₹ 2,649 crore.

“This idea is commensurate [with] the strength and future potential of the business, ”Grasim said in a statement.

Indo Gulf Fertilizers is engaged in manufacturing, trading, and sale of urea and other agri inputs with a 1.2 million tonnes per annum urea manufacturing plant at Jagdishpur in Uttar Pradesh.

This divestment would enable Grasim to pursue growth opportunities in its core businesses, it said.

Dilip Gaur, managing director, Grasim Industries, said: “The divestment is a strategic portfolio choice and unlocks value for shareholders. It is in line with the strategic thrust of the company to focus on core businesses ”.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Covid-19 | Karnataka to stop vaccination for those in 18-44 age group from May 14

The vaccine procured directly by the State for vaccination of this group will now be utilised for the vaccination...

Jagan calls for steps to improve varsities’ ranking at national level

Chief Minister Y.S. Jagan Mohan Reddy on Wednesday directed officials of the Department of Higher Education to draw an action plan to improve the...

Time for govt to understand there’s more to life than image...

It is important to hold the government responsible for what is happening in the country in the wake of the second Covid wave, actor...

More Articles