Tata Group said it has sold its Urea business, part of Tata Chemicals to Pune-based Yara Fertilizers India for a consideration of Rs 2670 crore.
“The board has agreed for the transfer of the business of sale and distribution of Urea and customized fertilisers, manufactured by the Company at its plants located in Babrala, Uttar Pradesh by way of a slump sale by the Company to Yara Fertilisers lndia Private Limited,” the company said in its filings to the stock exchanges. Pune-based Yara India is the Indian arm of Norway’s Yara lnternational ASA. Yara India imports, sells and distributes plant nutrition products in lndia. According to the company filings, the turnover of the urea business for the year ended March 31, 2016 was Rs 230l crores and formed 21 .20% of the turnover of the Tata Chemicals.