The Members of Nagarjuna Fertilizers and Chemicals Limited have approved the slump sale of the Ammonia/Urea and MI businesses along with related assets and liabilities.
Previously, Nagarjuna Fertilizers and Chemicals has sought shareholders’ approval to sell its urea manufacturing and micro irrigation business in a slump sale for ₹1,700 crore.
The proceeds from the sale will be used to settle loans of its new lender, Assets Care and Reconstruction Enterprises (ACRE), an asset reconstruction company.
ACRE acquired Nagarjuna Fertilizers’ entire debt of ₹1,500 crore from banks.