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| Exchange Disseminated Time | Tata Chemicals Ltd has informed BSE that the Company’s wholly owned subsidiary, Bio Energy Venture - 1 (Mauritius) Pvt. Ltd has entered into a Definitive Agreement (‘Agreement’) with Mr. Rademan Janse van Rensburg (‘Purchaser’) for sale of its entire stake in Grown Energy Zambeze Holdings Pvt. Ltd, Mauritius (‘GEZ Mauritius’) for a consideration of US$ 5.5 million subject to fulfilment of certain condition precedents laid down in the agreement (‘Closing Date’). As per the Agreement, the Purchaser will discharge the above consideration on deferred payment basis over a period of 5 years ending on December 31, 2020.
GEZ Mauritius is the holding company of Grown Energy Zambeze Limitada (‘GEZ Ltda’), which owns the Company’s biofuel assets in Mozambique. The Company, through its subsidiaries, owns a 95% stake in GEZ Ltda. The Purchaser, one of the founder members of GEZ Ltda. has been a shareholder since inception and currently holds the balance 5% ownership in GEZ Ltda. along with another investor. |
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