Grasim said the transaction fee paid by IIP to Grasim was Rs 2,649 Crore ($355 million approx.).
Indo Gulf Fertilisers sells fertilizers and agri-inputs. The company is a producer of urea in India, with a 1.2 million t/y plant in Jagdishpur, Uttar Pradesh.
IGF manufactures blends of macro and micronutrients under the brand name Birla Shaktiman Vardaan. The company says this product provides the complete nutrition for crops of paddy, wheat, potato, sugarcane and corn, and is manufactured at the unit at Jagdishpur with a production capacity of 30,000 tonnes of customised fertilisers, according to IGF’s website.
Speaking on the sale of the business, Mr. Dilip Gaur, MD Grasim Industries Ltd said: “The divestment of the fertiliser business by Grasim is a strategic portfolio choice and unlocks value for the shareholders."
Mr. Amit Lohia Vice Chairman of Indorama Corporation said: “We are pleased that with this acquisition, Shaktiman and the Paras brands will be able to join hands to offer a complete range of products for our farmers including urea, phosphate fertilisers, potash, soil health products, seeds, and crop protection products. We are excited about this union and believe it will facilitate greater access and development of high quality agri inputs for the farming community.”
Indorama sells diammonium phosphate under its Paras brand.
