Tata Chemicals’ subsidiary to acquire soda ash customer contracts of Searles Valleys Minerals, USA

New Delhi: Tata Chemicals North America Inc. ("TCNA"), a wholly owned subsidiary of Tata Chemicals Limited, has been declared the successful bidder in the Chapter 11 bankruptcy proceedings of Searles Valley Minerals Inc. ("SVM"), USA, for the acquisition of North American soda ash customer contracts of SVM representing over half a million metric tons of customer orders through December 2028.

This strengthens TCNA's customer portfolio by securing domestic North American customers. Thus, enhancing its ability to build long-term customer relationships and improve customer retention and supporting long-term value creation.

In this regard, TCNA has entered into an Assignment and Assumption Agreement ("ASA") with SVM for the acquisition of the certain soda ash customer contracts. The completion of the transaction remains subject to the satisfaction of the conditions and other terms set out in the ASA.

Further, the United States Bankruptcy Court for the District of Delaware has approved the assignment and assumption of the specified customer contracts from SVM to TCNA pursuant to the ASA.

The aggregate cash consideration of the agreement is USD 21.16 million.