Zuari Agro Сhemicals plans to sell its mineral fertilizers plant
The Board of Directors of Zuari Agro Сhemicals has approved the sale of a mineral fertilizer plant located in Goa (India) to Paradeep Phosphates — a joint venture of Zuari Agro Chemicals and Moroccan OCP Group. The deal will amount to $280 million.
The plant annually produces about 1.2 million tons of carbamide, diammonium phosphate and NPK-fertilizers. After the sale, Zuari Agro Chemicals will focus on the production of mixed fertilizers.
In March 2020, Zuari Agro Chemicals agreed to the deal, however, before its implementation, Paradeep Phosphates carried out comprehensive inspections of the acquired plant. Zuari Agro Chemicals will spend the proceeds on paying for long-term obligations.