Today: June 20, 2018, 9:30 am
  
Business

Completion of Yara's acquisition of Tata Chemicals' urea business in India

PR-Inside.com: 2018-01-12 08:16:03

Oslo, 12 January 2018: Yara International ASA has completed its acquisition of Tata Chemicals' urea business in India, marking a significant step forward for its growth ambitions in India.

"I am pleased to announce the completion of the acquisition of Tata Chemicals' urea business, which is a major step forward for Yara as we broaden our footprint in the world's second-largest fertilizer market. The inclusion of these assets in our global business will enable us to accelerate our growth in India," said Svein Tore Holsether, President and Chief Executive Officer of Yara.

The acquired plant has an annual production of 0.7 million tonnes ammonia and 1.2 million tonnes urea, and generated revenues and profit before tax of respectively USD 296 million and USD 29 million in the financial year ended 31 March 20171. The plant was commissioned in 1994, and is the most energy-efficient urea plant in India, comparable with Yara's best plants.

The transaction is valued at USD 421 million on a debt and cash free basis and comprises a net operating capital value of USD 130 million and other assets valued at USD 291 million, with the operating capital value subject to post-closing adjustment.

Yara will consolidate the acquired business effective 12 January 2018.

1 Tata Chemicals Annual Report 2016-17, Note 31. Figures are translated to at INR/USD rate of 63.5.


For further information, please contact:

Thor Giæver, SVP Investor Relations
Office: (+47) 24 15 72 95
Mobile: (+47) 48 07 53 56
E-mail: thor.giaver@yara.com

Esben Tuman, Vice President Corporate Communications
Mobile: (+47) 90 50 84 00
E-mail: esben.tuman@yara.com

Kristin Nordal, Head of External Communications
Mobile: (+47) 90 01 55 50
E-mail: kristin.nordal@yara.com


About Yara

Yara's knowledge, products and solutions grow farmers', distributors' and industrial customers' businesses profitably and responsibly, while protecting the earth's resources, food and environment.

Our fertilizers, crop nutrition programs and technologies increase yields, improve product quality and reduce the environmental impact of agricultural practices. Our industrial and environmental solutions improve air quality by reducing emissions from industry and transportation, and serve as key ingredients in the production of a wide range of goods. We foster a culture that promotes the safety of our employees, contractors and societies.

Founded in 1905 to solve emerging famine in Europe, today Yara has a worldwide presence, with more than 15,000 employees and sales to about 160 countries.
www.yara.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.





This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Yara International ASA via Globenewswire




# 728 Words
Related Articles
More From The Author
Champion Brings the Latest Marble Tile Trend [..]
Singapore is not only one of the most important financial districts in Asia but also a hub of Western and [..]
Biocartis Group NV: Disclosure of a transparency [..]
PRESS RELEASE: REGULATED INFORMATION 12 January 2018, 07:00 CET Disclosure of a transparency notification (Article 14, paragraph [..]
Brookfield Asset Management Announces Pricing of US$650 [..]
TORONTO, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. ("Brookfield") (TSX:BAM.A) (NYSE:BAM) (Euronext:BAMA) [..]
Artificial Intelligence and Machine Learning Expert Dr. [..]
Minneapolis, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Life Epigenetics, the insurtech subsidiary of GWG Holdings, Inc. (Nasdaq:GWGH), announced [..]
Addivant Announces Generational Advancement in WESTON® 705 [..]
DANBURY, Conn., Jan. 11, 2018 (GLOBE NEWSWIRE) -- Addivant(TM), a global leader in polymer additives technology and innovation, announces [..]
 
More From Business
Colorado Springs Movers Celebrates 21 Years Serving [..]
Moving Day Inc. is a Colorado Springs based moving company that is celebrating 21 years of serving clients by providing [..]
Apple Pay Coming to JCB's Customers in [..]
TOKYO, June 19, 2018 - (ACN Newswire) - JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd, [..]
Commercial Direct Launches New Investment Property Loans [..]
MIAMI – (June XX, 2018) – Commercial Direct, a new division of Silver Hill Funding, a commercial mortgage lender, today [..]
4 PILLARS CONSULTING OFFERS SUPPORT AND GUIDANCE [..]
Dartmouth, Nova Scotia- May 9, 2018- Paying debt down and being free from the burden of hefty monthly payments is [..]
Dominica Powers up After the Hurricane
Press Release – June 2018 Dominica Powers up After the Hurricane Jacoway Inn, on the small Caribbean island of Dominica, [..]

Disclaimer: If you have any questions regarding information in this press release please contact the company added in the press release. Please do not contact pr-inside. We will not be able to assist you. PR-inside disclaims the content included in this release.