Yara buys out Tata Chemicals’ urea biz

New Delhi: Yara International on Friday announced the completion of its acquisition of the Tata Chemicals’ urea business for Rs 2,682 crore. The deal includes transfer of all assets and liabilities relating to the Babrala plant in Uttar Pradesh. It is the first FDI in the urea sector.  With this buyout, Yara gains a significant position in the North India, with access to a strong network of 650-700 dealers. It will enable the company to provide enhanced crop nutrition solutions to farmers in North which has 31 million hectares of grain and 4 million hectares of horticulture crops. Yara’s turnover which is currently around $40 million in India will increase to $350 million. TNS