Chambal Fertilisers sells shipping biz fund ammonia-urea project

Chambal Fertilisers sells shipping biz to fund ammonia-urea project

6:57 AM, 24th December 2015
Chambal Fertilisers sells shipping biz to fund ammonia-urea project

NEW DELHI, INDIA: Chambal Fertilisers & Chemicals Ltd said that its board has given approval to sell entire shipping business or dispose off all five ships/vessels it owns, to fund the company’s new ammonia-urea project in Rajasthan.

The Board of Directors, at its meeting held, gave “in-principle consent to the: (i) sale or disposal of one or more or all of the 5 ships/ vessels owned by the company; or (ii) sell, transfer or dispose-off the entire shipping undertaking/business of the company on slump sale basis or some other appropriate structure.”

The decision was taken after keeping in view the long-term shipping business outlook and the requirement of funds for new ammonia-urea project proposed to be set up by the company at Kota, Rajasthan.

The proposed transactions would be consummated as and when the company receives commercially viable and acceptable offers from third parties in this regard. Approval of shareholders will be taken through postal ballot, it said.

© Economic Times News



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