Zuari Agro Chemicals successfully closed the deal to sell the Goa fertilizer factory.
The agriculture division of the Adventz Group, known as Zuari Agro Chemicals, has successfully closed the deal to sell the Goa fertilizer factory that it owned to an unlisted joint venture firm known as Paradeep Phosphates for approximately $280 million (about 2,135 crore).
‘Pursuant to the business transfer agreement executed last March, the sale of the company’s fertilizer plant at Goa and associated businesses to Paradeep Phosphates on a slump sale basis was completed on Tuesday,’ Zuari Agro said in a statement on Wednesday. ‘The sale of the company’s fertilizer plant at Goa and associated businesses was completed on a slump sale basis.’
In order to ‘take care of the long-term liabilities,’ Zuari Agro plans to put the profits from the transaction toward that purpose.
Profile of the company
Zuari Agro and OCP Group, which is situated in Morocco, are the two companies that have collaborated to form Paradeep Phosphate. It is anticipated that Paradeep Phosphate would evolve into a sizable fertilizer company that will have access to phosphates as well as nitrogenous fertilizers.
Its capacity would expand to a combined 3 million tonnes per annum for DAP/NPK (Di-ammonium Phosphate/ Nitrogen, Phosphorous, and Potassium) after the acquisition of the Goa facility.