Zuari Agro Chemicals completes sale of Goa unit to Paradeep Phosphates Limited

Goemkarponn desk

PANAJI: Paradeep Phosphates Limited has announced that the acquisition of Zuari Agro Chemicals Limited’s fertiliser plant at Goa and associated businesses of ZACL by the Company on a slump sale basis under the Business Transfer Agreement(BTA) executed by the Company with ZACL on 1st March 2021 has been consummated with effect from 06:00 hours on June 01, 2022.
Shares of Zuari Agro Chemicals Limited were the last trading in BSE at Rs. 138.50 as compared to the previous close of Rs. 146.90. The total number of shares traded during the day was 153209 in over 3190 trades.
The stock hit an intraday high of Rs. 146.65 and an intraday low of 136.80. The net turnover during the day was Rs. 21578460.00.
The divestment of the Goa plant is aimed at consolidating the bulk fertiliser business and achieving a significant reduction of leverage of the company, it noted.
With this restructuring move, the company will venture into speciality nutrients and retail through its wholly-owned subsidiary “Zuari FarmHub (ZFHL)” and the bulk business of Goa plant and Paradeep operations consolidated under its joint venture PPL.
Besides, the company owns 53 per cent shareholding in the south India focused company Mangalore Chemicals and Fertilizers (MCFL).

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