Zuari Agrochemicals approves sale of fertilizer plant at Goa, associated businesses to Paradeep Phosphates for $280 mn EV
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The Board of Directors of Zuari Agrochemicals Ltd. (ZACL), at its meeting held on Tuesday, approved the sale of its fertilizer plant at Goa and the associated businesses by way of a slump sale to Paradeep Phosphates Ltd. (PPL) for a lump sum consideration (Enterprise Value) of $280 million.
The Goa plant of ZACL is engaged in the manufacture, distribution, imports and sale of Urea, DAP and various grades of NPK fertilizers under the ‘Jai kisaan’ brand, with a total installed capacity of 1.2 million MT per annum.
Zuari Agrochemicals to seel fertilizer plant to Paradeep Phosphates for $280 million
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The board of directors of Zuari Agrochemicals Ltd(ZACL), at its meeting held on Tuesday approved the sale of its fertilizer plant at Goa and the associated businesses by way of a slump sale to Paradeep Phosphates Ltd. (PPL) for a lump sum consideration (enterprise value) of $280 million.
The Goa plant of ZACL is engaged in the manufacture, distribution, imports and sale of Urea, DAP and various grades of NPK fertilizers under the “Jai kisaan” brand, with a total installed capacity of 1.2million MT per annum.
Zuari Agro Chem sells Goa fertilizer plant to Paradeep Phosphates for $280 million
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As per a regulatory filing, the board has approved the sell off as a going concern and on a slump sale basis . PPL plans to fund the acquisition by a mix of equity, debt and internal accruals.
Agencies
Proceeds from the transaction will be used to take care of the long term liabilities of Zuari Agro Chemicals, the company said in a regulatory filing. For the FY 2019-20, the net worth of the Goa unit was a negative Rs 650.15 crore.
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