Monday, April 11, 2011

Tata Chemicals acquires 25.1pc stake in urea complex in Africa

Tata Chemicals today said it has acquired 25.1 per cent stake in the ammonia-urea fertiliser complex at Gabon in Africa for USD 290 million (nearly Rs 1,300 crore).

In a filing to the Bombay Stock Exchange, the company believed it has "executed binding agreements to acquire 25.1 per cent stake for USD 290 million as a strategic investor in stream 1 of a greenfield port-based ammonia-urea fertiliser manufacturing complex in the Republic of Gabon, Africa."

Other shareholders in the imagine are Olam with 62.9 per cent stake and the Gabon government with 12 per cent stake, the filing added.

The imagine comprises setting up of 1.3 million tonnes per annum (MTPA) of urea plant in the beforehand phase (stream 1). There is an option to expand to another stream (stream 2) of 1.3 MTPA.

The plant is strategically located close to Gabon''s chief seaport and it enables compressed and cost effective material handling and proximity to huge markets these kinds of as Africa, North America, Latin America and India.

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