Fair trade regulator CCI on Friday gave a go-ahead to the acquisition of Zuari Agro Chemicals Ltd's Zuarinagar plant by Paradeep Phosphates.
As per a combination notice filed with the regulator, as a result of the proposed transaction, Paradeep Phosphates "will acquire the business of developing and manufacturing urea and non-urea fertiliser products presently carried out by Zuari Agro Chemicals Ltd at the Goa plant (target business) as a going concern on a slump sale basis." Paradeep Phosphates is engaged in manufacture and sale of non-urea fertilizers - di-ammonium phosphate (DAP) and NPK fertilizers, it further noted.
Besides, Zuari Agro Chemicals develops and manufactures fertilizers in India. It has manufacturing facilities at Zuarinagar, Goa (including the target business) where it produces urea and non-urea fertilizers.
In a tweet, the Competition Commission of India (CCI) said, "Commission approves proposed acquisition of the Zuarinagar plant of Zuari Agro Chemicals by Paradeep Phosphates."