A spokesperson for IFFCO denied that the company is in talks with the Aditya Birla group. The Aditya Birla Group has been looking to sell the fertilizer business for several years, as part of a broader strategy to exit low-margin businesses in government-regulated sectors. In August, Business Standard reported that the Aditya Birla Group had revived plans to exit the fertilizer business. Much like the Aditya Birla Group, the Tata group, too, had given plans to sell its urea business last year on account of poor response. "The Aditya Birla Group is keen to complete the transaction before the impending merger of Aditya Birla Nuvo with Grasim Industries and has set an internal deadline of September 2017 to conclude the deal," the second person said.

Source: Mint October 19, 2016 22:18 UTC