Tata Chem to invest Rs 400 crore

MUMBAI: To expand its product portfolio, Tata Chemicals will get into allied businesses like agriculture, nano science and biotech, chairman Ratan Tata told shareholders at the annual general meeting (AGM) on Monday.

The company has set up a group of experts to plan the ventures. Mr Tata added that the company is also looking at strategic acquisitions in the country and abroad in its objective to become a global player. The Tata Group company will invest Rs 400 crore in the next three years to expand its capacities.

Giving a healthy outlook for the year, Tata said that the country’s soda ash market is expected to grow by 5% while the global market will register a 4% growth.

They are already the third largest soda-ash manufacturer in the world.The urea market is expected to grow by 3% globally and 4% in the country, stated Tata. He added that the company is awaiting clarity on the government’s urea policy.The company’s scrip fell by 2% to Rs 205.95 on the Bombay Stock Exchange at the close of trading today.