The G P Goenka group is scouting for buyers for the fertilizer business it had acquired from ICI, Chairman G. P. Goenka said.
Talking to reporters after introducing a new generation bi-modal transportation system by a group company, Mr. Goenka said talks were on with three companies. “We are open to either an outright sale or a 50:50-joint venture,” he said.
Part of the group’s plantation company, Duncans, the Kanpur-based fertilizer business used to manufacture the Chhand Chhap brand. However it had been closed since 2005.
Pointing out that the fertilizer business had to move out of Duncans for the tea business to grow, Mr. Goenka said: “Fertilizer and tea will have to be segregated.” He, however, said the operations of Chhand Chhap were viable even in the subsidy regime.
