Tata Chemicals Ltd's Mauritius-based wholly-owned subsidiary Bio Energy Venture -1 has signed a definitive agreement with Rademan Janse van Rensburg for sale of its entire stake in Grown Energy Zambeze Holdings Pvt Ltd, Mauritius, for $5.5 million, as per a stock market disclosure.
As per the agreement, the buyer will discharge the above consideration on a deferred payment basis over five years ending December 31, 2020. The deal is, however, subject to fulfilment of certain condition precedents laid down in the agreement.
Grown Energy Zambeze 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 per cent stake in GEZ Ltda. Rademan Janse, one of the founder members of GEZ Ltda, has been a shareholder since inception and currently holds the balance 5 per cent ownership in GEZ Ltda along with another investor.
Tata Chemicals (formerly known as Sabras Investment and Trading Co Ltd), which is part of diversified business conglomerate Tata group, is a manufacturer of chemicals, fertilisers and consumer products.