Sector News

Tata Chemicals to exit fertiliser business in India

March 31, 2017
Chemical Value Chain

Tata Chemicals is all set to undergo a massive restructuring in FY18. CNBC-TV18 learns from sources the company will now completely shift its focus on chemicals and consumer products business.

The company plans to restructure parts of its international operations. It may exit operations in Kenya, and partly sell its volatile Europe and North American businesses.

It will exit from its fertiliser business in India and is actively scouting for investors for its Haldia plant.

The whole exercise is expected to bring down the debt of the company by 40 percent, which currently stands at around Rs 5,833 crore.

Post-restructuring, the company will focus on consumer businesses and launch products in the atta and rice segments in FY18. It is also reportedly looking at other products like wheat indigenous products and highly nutritious super foods.

Expressing his positive outlook on the likely change in the company’s business strategy, market expert Prakash Diwan of Altamount Capital Management told CNBC-TV18, “There is no point in setting up operations in so many places and you cannot manage this well.…Even if they sell it on a slump basis, if they sell it and get whatever they have invested, they will be very happy. I would be very happy as a shareholder to see that happen.”

Source: Moneycontrol

comments closed

Related News

October 1, 2023

INEOS announces the acquisition of the Eastman Texas City Site for ~$500 million

Chemical Value Chain

The deal includes the 600kt Acetic Acid plant and all associated third party activities on the site. Eastman and INEOS have also entered into a Memorandum of Understanding to explore options for a long-term supply agreement for vinyl acetate monomer.

October 1, 2023

Executive Vice President Lucrèce Foufopoulos-De Ridder to leave Borealis

Chemical Value Chain

The Supervisory Board of Borealis has accepted the decision of Lucrèce Foufopoulos-De Ridder, EVP Polyolefins, Circular Economy Solutions and Innovation & Technology to step down from her executive position at Borealis, and the Board of Borouge Pte effective 31 December 2023 to pursue other career opportunities.

October 1, 2023

Sidel unveils new StarLiteR rPET solution

Chemical Value Chain

Sidel has launched a new 100% rPET bottle base, StarLiteR, aiming to help carbonated soft drink (CSD) packaging producers embrace material circularity. StarLiteR allows CDS producers to switch to rPET bottle production easily and efficiently, while significantly reducing the impact on product quality or packaging integrity.

How can we help you?

We're easy to reach