Companies

Tata Chemicals buys 25% stake in Gabon urea plant

PTI Mumbai | Updated on April 11, 2011

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

In a filing to the Bombay Stock Exchange, the company said it has “executed binding agreements to acquire 25.1 per cent stake for $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 project are Olam with 62.9 per cent stake and the Gabon government with 12 per cent stake, the filing added.

The project comprises setting up of 1.3 million tonnes per annum (MTPA) of urea plant in the first phase (stream 1).

There is an option to expand into another stream (stream 2) of 1.3 MTPA.

The plant is strategically located near Gabon’s main seaport and it enables efficient and cost effective material handling and proximity to large markets such as Africa, North America, Latin America and India.

Published on April 11, 2011

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