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Grasim Industries divest fertiliser business to Indorama Corporation

Friday, 13 Nov 2020
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The Board of Directors of Grasim Industries (Grasim) has approved the divestment of the company’s fertiliser business, Indo Gulf Fertilisers (IGF), by way of a slump sale to Indorama India (IIP), a subsidiary of Indorama Corporation, Singapore (Indorama Corporation). 
 
The transfer of the business will be for a lump-sum cash consideration of Rs  2,649 crore, to be paid by IIP to Grasim. This consideration is commensurate to the strength and future potential of the business. 
 
Indo Gulf Fertilisers is engaged in manufacturing, trading, and sale of urea and other agri-inputs with a 1.2 million tpa Urea manufacturing plant at Jagdishpur in Uttar Pradesh. 
 
The divestment of the fertiliser business is a significant value unlocking exercise for Grasim. It will further enable the company to pursue growth opportunities in its core businesses. 
 
The fertiliser business shall be transferred to IIP on slump sale basis, pursuant to a scheme of arrangement. The lump sum consideration is subject to certain adjustments as agreed between the parties in terms of the definitive agreement and the Scheme. 
 
The transaction is subject to the necessary statutory and regulatory approvals including approvals of the NCLT, the Stock Exchanges, SEBI, Competition Commission of India (CCI), the respective Shareholders and lenders/ creditors of each of the companies.
 
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