India’s Tata Chemicals has exited the fertilizer market following the sale of its phosphatic business to IRC Agrochemicals on Jun. 1, for Rs 872.84 crores, or $130 million.

The business, which includes both its bulk and non-bulk fertilizer assets, was transferred by way of a slump sale on the basis of a going concern, having received the required regulatory approvals and fulfillment of other conditions.

Ramakrishnan Mukundan, managing director of Tata Chemicals, said the sale is in line with its strategy to unlock value and pursue growth potential in its focus areas. He commented: “We are excited to explore the opportunities that lie ahead for us as we move forward with a focus on specialty chemicals and consumer food business, while maintaining leadership in inorganic chemicals. The company will continue to have a presence in the farm business through its subsidiary Rallis and Metahelix.”

In January, Tata Chemicals completed the sale of its urea business to Yara Fertilizers India for around $400 million. The transaction did not include specialty products and complex fertilizers and the Indian group will continue to own the brands Paras, TKS and Daksha.