Proceed of ₹2,135 crore will be used to pare debt
Zuari Agro Chemicals, the agriculture vertical of the Adventz Group, has completed the sale of its Goa fertiliser plant to unlisted joint venture company Paradeep Phosphates for $280 million (about ₹2,135 crore).
“Pursuant to the business transfer agreement executed on last March, the sale of company’s fertiliser plant at Goa and associated businesses to Paradeep Phosphates on slump sale basis was completed on Tuesday,” said Zuari Agro in a statement on Wednesday.
Zuari Agro will use the proceeds from the transaction will be used to “take care of the long term liabilities”.
Paradeep Phosphate is a joint venture between Zuari Agro and Morocco-based OCP Group. Paradeep Phosphate will become a large fertiliser company with access to both phosphates and nitrogenous fertilisers.
Post acquisition of the Goa facility, its capacity would increase to a combined 3 million tonnes per annum for DAP/NPK (Di-ammonium Phosphate/ Nitrogen, Phosphorous, Potassium).
June 01, 2022