The two companies have signed a mutually agreed exclusivity agreement in this regard which expires on October 31, 2017, informed the company in a BSE filing on Wednesday post market hours.
The transaction, if materialised, would involve the transfer of Haldia plant, trading Business along with immovable, movable properties, working capital and product brands but excluding outstanding subsidy amounts. The company is expected to receive consideration in the range of Rs 400 crores to Rs 500 crores.
Tata Chemicals was trading at Rs 640 per share, up by Rs 3.70 or 0.58% in the pre-opening session on Thursday, on the BSE against its previous close of Rs 636.30.
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