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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.
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Zuari Agro Chemicals surged 14% to Rs 104.20 after the company s board approved selling the fertilizer plant at Goa and associated businesses to Paradeep Phosphates (PPL) for $280 million.The board of Zuari Agro Chemicals at its meeting held today, 22 February 2021, approved the sale of the company s fertilizer plant at Goa and associated businesses of the company to Paradeep Phosphates (PPL) as a going concern, on a slump sale basis for an agreed enterprise value of $280 million as defined in the business transfer agreement.
PPL is a group company. It is the subsidiary of the company s joint venture, Zuari Maroc Phosphates. The transaction would fall within related related party transactions and is being done at an arm s length basis.
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