Team Herald
PANJIM: The Competition Commission of India (CCI) approved the acquisition of Zuarinagar plant of Zuari Agro Chemicals Limited by Paradeep Phosphates Limited (PPL).
The proposed combination envisages acquisition of Zuarinagar, Goa plant of Zuari Agro Chemicals Limited (ZACL) by Paradeep Phosphates Limited (PPL). As a result of the acquisition, the PPL shall acquire business of developing and manufacturing urea and non-urea fertiliser products presently being carried out by ZACL at the Zuarinagar, Sancoale plant.
In June last year, the Board of Zuari Agro Chemicals had given its ‘in-principle’ approval for the sale of its fertiliser plant in Goa and associated businesses to the Group’s venture Paradeep Phosphates Limited.
Later in February this year, the ZACL’s Board approved the sale for a total consideration of $ 280 million (Rs 2027.46 crore).
The PPL, part of the Adventz Group, is engaged mainly in the manufacture and sale of non-urea fertilisers, namely, di-ammonium phosphate (DAP) and NPK fertilisers.