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| Exchange Disseminated Time | Tata Chemicals Ltd has informed BSE that:
- Tata Chemicals Limited (‘the Company' or ‘TCL’) has decided not to proceed with its proposed 25.1% equity participation in a Greenfield ammonia-urea fertiliser manufacturing project (“GFC") in the Republic of Gabon, Africa. On April 11, 2011, the Company had announced its participation in the project in which Olam International Limited (“Olam”) currently holds 80% stake with the Government of Republic of Gabon ("ROG”) holding the remaining 20%.
The decision was made due to a change in TCL’s investment focus away from overseas fertiliser manufacturing and Olam's intention to move to a minority and non-consolidated position in the project.
Since TCL’s intention to invest in the project was announced in 2011, Olam and TCL have worked together closely to complete the project's Front End Engineering Design phase. TCL will maintain its relationship with GFC going forward by providing any technical support that may be requested by Olam or GFC’s other equity partners.
A press release issued by TCL and Olam jointly in this regard is enclosed. |
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