MUMBAI: Tata Chemicals is set to exit fertiliser business by selling off the last of its Indian operations at Haldia, West Bengal, as part of an ongoing mega restructuring that would strengthen the company’s focus on consumer and inorganic chemicals and deleverage its balance sheet.
The Tatas are in advanced negotiations with Indian-born Indonesian billionaire Sri Prakash Lohia of Indorama Corporation to sell the Haldia unit on a slump sale basis for Rs 600-800 crore, said multiple officials aware of the development.
“Both sides are currently in the middle of bilateral discussions, having signed an exclusivity agreement.
The sale will include the plant and other fixed assets and transfer of the receivables from the government,” added one of the officials mentioned above.
For their part, both Indorama and Tata Chemicals did not comment on the report. Mails sent to Indorama failed to elicit a response before the publication of this report.