“Tata Chemicals Ltd has agreed to sell its urea plant in Babrala, Uttar Pradesh, to the Indian unit of Norway-based Yara International ASA for Rs 2,670 crore, as it seeks to position itself as a maker of consumer products rather than fertilizers,” reported Mint and others.

Cyril Amarchand Mangaldas acted as legal counsel to Yara Fertilisers India Private Limited and Yara International ASA with Mumbai-based corporate partners Tushar Mavani and Smruti Shah.

They were assisted by Mumbai-based dispute resolution partner Sharad Mathkar and from Mumbai competition law partner Bharat Budholia, Delhi tax partners SR Patnaik and Mekhala Anand, and Delhi corporate and real estate partner Gyanendra Kumar.

Tata Chemicals was represented by AZB & Partners partner Rishi Gautam.

The scheme of arrangement, by way of a slump sale, was signed on 10 August 2016, and is expected to close around May 2017, according to a Cyril Amarchand press release.