Indorama Holdings B.V. entered into an agreement to acquire phosphatic fertilizers and trading business of bulk and non-bulk fertilizers from Tata Chemicals Limited (BSE:500770) for INR 3.8 billion on November 6, 2017. The consideration is subject to certain adjustment after closing as agreed between the parties. The transaction include the sale of Haldia plant in West Bengal, trading business of bulk and non-bulk fertilizers along with immovable, movable properties, working capital and product brands but excluding outstanding subsidy amounts. As of March 31, 2017, divestment business has reported revenues of INR 26.3 billion. The transaction is subject to certain conditions including regulatory and shareholder's approval of Tata Chemicals Limited. The committee of Directors for sale of phosphatic fertilizers business has recommended the transaction. The Board of Directors of Tata Chemicals Limited also approved on the transaction on the recommendation of Directors committee. As of January 10, 2018, Tata Chemicals Limited shareholders approved the transaction. The transaction is expected to complete on February 28, 2018. JM Financial Institutional Securities Limited and Kotak Mahindra Capital Company Limited acted as financial advisors while Deloitte Touche Tohmatsu India, LLP as accountant. Darshika Kothari, Anand Shah & Shriram Shah of AZB & Partners acted as legal advisor to Tata Chemicals Limited. KPMG acted as financial advisor to Indorama Holding.