Yara Fertilisers India Pvt Ltd signed a definitive agreement to acquire Babrala urea plant and distribution business in Uttar Pradesh from Tata Chemicals Limited (BSE:500770) for $400 million on August 10, 2016. Yara India will buy Babrala urea plant and distribution business on a debt and cash free basis.The transaction does not include specialty products and complex fertilizers and Tata Chemicals will continue to own the brands Paras, TKS and Daksha. The Babrala urea plant has total revenues and EBITDA of respectively $350 million and $35 million in the financial year ended March 31, 2016. Tata Chemicals Board of Directors approved the execution of definitive agreements regarding the sale and transfer of the urea business to Yara Fertilisers India pursuant to the scheme. The transaction is subject to regulatory approvals and sanctioning by High Court/ National Company Law Tribunal. The transaction is also subject to the approval of the shareholders, creditors, sanction of the Bombay High Court, approval of the Competition Commission of lndia, SEBI, Stock Exchanges, other authorities relating to the Urea business and all other statutory approvals and satisfaction/ waiver of conditions. The transaction is expected to close after completion of relevant approvals which will take nearly 9-12 months in May 2017. The transaction is approved by Competition Commission. Tata Chemicals will use the proceeds to reinvest in its consumer and inorganic chemicals verticals. On May 9, 2017, the transaction is approved by shareholders of Tata Chemicals Limited. Kotak Investment Banking, JM Financial Institutional Securities Ltd, Deloitte acted as financial & tax advisor and Darshika Kothari, Rishi Gautam and Shriram Shah, Molla Hassan, Anand Shah of AZB & Partners acted as legal advisors to Tata Chemicals. Sharad Mathkar, Tushar Mavani, Smruti Shah, Bharat Budholia, S.R. Patnaik, Mekhala Anand and Gyanendra Kumar of Cyril Amarchand Mangaldas acted as legal advisor for Yara Fertilizers. SSPA & Associates acted as accountant for Tata Chemicals and valuer of Babrala Urea Plant and Distribution Business in Uttar Pradesh. Yara Fertilizers India Pvt Ltd completed the acquisition of Babrala urea plant and distribution business in Uttar Pradesh from Tata Chemicals Limited (BSE:500770) on January 12, 2018. National Company Law Tribunal, Mumbai has approved the transaction and copy of order has been filed electronically with the Registrar of Companies, Ministry of Corporate Affairs on January 12, 2018. Tata Chemicals Limited has received the consideration from Yara Fertilizers India Private Limited on January 12, 2018 subject to post completion working capital adjustment.