Grasim Industries to sell fertiliser biz to Indorama Corp for Rs 2,649 cr

It's a slump sale and a major value-unlocking exercise for Grasim, allowing it to pursue growth opportunities in its core businesses

Topics
Grasim Industries | fertiliser companies | NCLT

Aditi Divekar  |  Mumbai 

Aditya Birla Group's Grasim Industries, on Thursday agreed to sell its fertiliser business, Indo Gulf Fertilisers (IGF), by way of a slump sale to Indorama India Private Ltd (IIP) for a cash consideration of Rs 2,649 crore. Under section 2(42C) of Income -tax Act 1961, a 'slump sale' means the transfer of one or more undertakings for a lump sum amount, without values being assigned to individual assets and liabilities.

IIP is a subsidiary of Indorama Corporation Pte. Ltd, Singapore (Indorama Corporation). Indo Gulf Fertilisers is engaged in manufacturing, trading, ...

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 12 2020. 18:08 IST
RECOMMENDED FOR YOU
.