Inuva Info Management, a downstream subsidiary of Chambal Fertilizers
and Chemicals, has decided to wind up its business under the provisions of the Insolvency and Bankruptcy Code, 2016. This is subject to the approval of shareholders and other approvals. Presently, Inuva is no longer involved in any business operations.
Following this announcement, Chambal Fertilizers’ stock traded flat.
Chambal Fertilizers and Chemicals is one of the largest private sector fertilizer producers in India. It is a company under the KK Birla group and is promoted by Zuari Industries.
Its two hi-tech nitrogenous fertiliser (urea) plants are located in Rajasthan. Apart from urea, it provides other agri-inputs like DAP (Di-Ammonium Phosphate), MOP (Murate of Potash), SSP (Single Super Phosphate), pesticides and seeds.
Meanwhile, Inuva Info Management, the Kolkata-based company wrapping up its operations, provides services like information processing, business process outsourcing, among other things.
Chambal Fertilisers & Chemicals Ltd is currently trading at Rs152.95 down by Rs1 or 0.65% from its previous closing of Rs153.95 on the BSE.
The scrip opened at Rs156.20 and has touched a high and low of Rs156.30 and Rs152.70 respectively. So far 3,79,820 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs6,407.52cr.