CCI Okays Acquisition Of Zuari Agro Chemicals Plant By Paradeep Phosphates

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor