Tata Chemicals acquires 25% stake in Gabon fertiliser complex for $290 mn

Mumbai: Tata Chemicals has acquired 25.1 per cent stake in the ammonia-urea fertiliser complex at Gabon in Africa for $290 million (Rs 1,300 crore).

The company acquired stake as a strategic investor in stream 1 of a greenfield port-based ammonia-urea fertilizer manufacturing complex in the Republic of Gabon.

The project comprises setting up of 1.3 million tonnes per annum (MTPA) of urea plant in the first phase (stream 1). There is an option to expand into another stream (stream 2) of 1.3 MTPA.

Other shareholders in the project are Olam with 63 per cent stake and the Republic of Gabon with 12 per cent stake.

The plant is strategically located near Gabon’s main port and it enables efficient and cost-effective material handling and proximity to large markets such as Africa, North America, Latin America and India, the statement said.